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.
On 15 March 2005, Astra Trinity, located in Arad, announced that around 600 of its current 2,000 employees will be made redundant, due to an order gap and a 50% drop in production. 400 employees have already been given notice of lay off and another 200 will soon follow if the current economic downtrend does not change. Some 100 of the 200 employees likely to find themselves shortly out of work are currently employed on a fixed-term contract.
Astra Trinity is a subsidiary of the North American company Trinity Industries, one of the largest construction and transport equipment companies in the world.
The trade union leader requested a meeting with top executives of the European branch of Trinity Industries in order to analyse the current crisis. He made public that the meeting is set to take place in the near future and expressed hope that an agreement would be reached.
Trinity Industries now owns more than 99% shares in the Arad plant (starting from 50% in 1999), as well as 70% in another company in the branch located in Drobeta Turnu Severin, more than 50% in Apromat (the main supplier of Astra Trinity, located also in Arad) and 60% in the Arad Institute of Research and Design of Rolling Stock (Institutul de Cercetare si Proiectare Vagoane Arad, ICPV).
Eurofound (2005), Astra Trinity, Internal restructuring in Romania, factsheet number 61376, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61376.
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