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 1 September 2005, 520 employees of the North American company Bechtel were made redundant and another 50 will leave the company by the end of September 2005.
In 2004, Bechtel concluded an agreement with the Romanian government to build a motorway between Braşov (Centru region, Braşov county) and Borş (Nord-Vest region, Bihor county). After the 2004 elections, the new government repeatedly expressed its intention to abandon the project, considering that efforts should focus on developing the Pan-European IV Corridor. However, authorities allocated funds to pay bank debts and reimburse expropriated landowners. A €100 million foreign loan was also secured to continue the construction works. Simultaneously, discussions were initiated to renegotiate the agreement, which amounts to a total value of €2.2 billion. On 30 August 2005, representatives of Bechtel, the employment agency in Cluj (Nord-Vest region, Cluj county), where Bechtel's head office is located, and of trade unions held a meeting to clarify the rights of employees being made redundant, as under the current legislation unemployment benefit is only granted if the redundant employee has worked for at least 12 months in the past 2 years. On this occasion Bechtel's representative promised that if funds are received to continue the construction works, laid off personnel would we re-hired in 2006 and additional employees would be recruited as well.
Eurofound (2005), Bechtel, Internal restructuring in Romania, factsheet number 62204, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62204.
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