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.
Ford have announced the closure of the Jaguar Browns Lane plant in Coventry. Luxury carmaking will end at the plant as the workforce is cut by 1,150 to about 800. The company will seek 400 voluntary redundancies. About 425 manufacturing jobs will be transferred to Castle Bromwich near Birmingham and 300 jobs created at Ford's luxury sports car maker Aston Martin at Gaydon, Warwickshire. However, 750 white-collar jobs will be lost across the Jaguar group. While the manufacturing restructuring will take place through much of next year, Ford expects to complete the white collar cuts by Christmas. Ford said that these transfers to other plants and other measures would result in a net loss of only 100 manufacturing jobs.
Joe Greenwell, Jaguar's chairman and chief executive, said the restructuring had been forced on the company by large and continuing losses. ‘Our business as it currently stands is unsustainable and our losses unsupportable', he added.
However, trade unions were furious at the losses and union leaders promised they would support a strike, which could be set in train at meetings scheduled for all three Jaguar plants.
Eurofound (2004), Jaguar, Internal restructuring in United Kingdom, factsheet number 60527, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60527.