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.
Donegal textile firm Unifi Textured Yarns (Europe), has announced that it is to shed 120 jobs. Unifi is to shut its polymer and spinning operations at its older plant in Letterkenny, and says it will consolidate its texturing operations in its more modern plant in the town. Increased competition from competitors in lower cost economies, and high fixed costs in terms of energy, equipment and local authority charges, are understood to have been factors in the decision by Unifi to scale down its Donegal plant. The latest cuts will reduce the workforce to about 300. The president of Unifi Europe, Mr Fintan McGrath, pointed out that the polymer spinning operation in Letterkenny was 'not at a size or scope to be cost competitive' in the world market. Donegal's high dependency on the vulnerable textiles sector has been exposed in recent years with over 4,000 job losses since 1997 in such companies as Fruit of the Loom, Nena Models, Herdman's and Comer Yarns as well as Unifi. Unifi is one of the world's leading producers of textured yarns. These are found in home furnishings, apparel and industrial fabrics, automotive upholstery, hosiery, and sewing thread.
Eurofound (2004), Unifi Textured Yarns (Europe), Internal restructuring in Ireland, factsheet number 59266, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/59266.
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