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.
The National Company of Precious and Non-ferrous Metals Remin (Compania Naţională a Metalelor Preţioase şi Neferoase Remin, CNMPN Remin), with company headquarters located in Baia Mare (North-Western region, Maramureş county) will cut nearly a quarter of its jobs in 2005. The announcement was made on 14 April 2005, once Government Decision no. 300/2005, related to collective redundancies that are to be made during 2005 in companies under the authority and coordination of the Ministry of Economy and Commerce (Ministerul Economiei şi Comerţului, MEC) was issued.
In January 2006, new redundancy figures were approved by the Government Decision no. 78 of 19 January 2006.
Collective redundancies at CNMPN Remin will total 2,244 people(1,244 people in 2005 and another 1,000 employees from January 2006).
CNMPN Remin extracts and prepares ferrous, non ferrous and rare ores in several perimeters where a license was obtained and in two counties in particular: Bistriţa-Năsăud and Maramureş, both located in the North-Western region.
Like most Romanian companies active in the extractive industry, CNMPN Remin is fully state-owned and will have to pursue its restructuring process and increase its competitiveness, since all subsidies for non ferrous metals will have been cut by 1 January 2007.
Over the next 18 to 24 months following their lay-off, redundant miners will receive monthly compensatory payments totalling more than €4,100 so that their monthly revenues do not fall under the national average wage (currently, around €205).
Eurofound (2005), CNMPN Remin, Internal restructuring in Romania, factsheet number 61853, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61853.
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