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.
Renfe is the Spanish company specialised in passenger and freight transport by railways. In 2005 the company was to launch a strategic plan until 2009 with investments amounting to 5.5 million Euro. The plan regarded a job reduction scheme cutting 1,000 jobs, which was to be presented to the major labour representatives. The measure would affect the divisions of freight transport with 500 redundancies and the division of maintenance with another 500 job cuts. Both divisions are considered unprofitable by the company. The job reduction plan regarded early retirement among other soft measures and also the hiring of 200 new specialised employees in order to cover the job losses. Renfe's strategic plan aimed at increasing the company's income by 79% and the number of passengers by 19.3% by 2009.
On 29 July 2005, Renfe finally reached an agreement with the labour representatives (UGT and SEMAF) on a job reduction plan for the early retirement of 2,000 of its employees and the recruitment of 667 new workers. Renfe expected that only 1,500 employees would agree to the early retirement measures but presented the job reduction plan for 2,000 workers. The measures were to be included in the company's investment plan until 2009.
Eurofound (2005), Renfe, Internal restructuring in Spain, factsheet number 61608, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61608.
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