Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Electric motor manufacturer Nidec (formerly Leroy-Somer) has announced a restructuring plan that will result in the cut of 126 jobs by mid-2023 and the creation of 11 jobs. Job cut will be for administrative support roles and production support roles. Most of the dismissals (100) concern the head office at Angoulême (Charente). Two waves of departures are planned: the first in January for employees who volunteer to leave the company by the end of February, then a second one from March that will concern forced dismissals.
The company has seen its market share gradually shrink over the past two years. Despite several recovery attempts and retirement plans, the management has been forced to take a 'violent' but 'compulsory' decision to prevent the company from disappearing behind the competition. Nidec is facing a difficult international context with soaring prices for raw materials, transport and now energy. Cutting many jobs at the head office, Nidec aims to reduce its fixed costs and reinject the money saved into innovation, particularly in its IT system, in order to become more competitive.
Forced departures from March 2023 onwards will be decided according to a 'points' system, to take into account seniority and family situation. The management has announced that it wants to help people whose jobs have been eliminated to find another job in the group and is setting up a psychological support platform available 24 hours a day. The Unions found the announcement sudden and unexpected.
Manufacturer of electric motors founded in 1919, Nidec currently employs 2,470 in France, 1,530 only in Charente.
Eurofound (2022), Nidec, Internal restructuring in France, factsheet number 107448, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/107448.
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