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.
Borealis was formed in 1994 as a result of the fusion of Neste and Statoil, but both owners later (Statoil in 2005) sold their shares to International Petroleum Investment Company (IPIC) of Abu Dhabi (65%) and OMV, the Austrian oil and gas group (35%). The company has production plants in several places in Europe, America and the Middle East.
At the extraordinary Board meeting (10 March 2006) it was decided -against the votes of the employee representatives- to recommend to the Corporate Assembly the closing down of one of the three production plants in Bamble, Norway. This factory produces olyolefins - polyethylene (PE) and polypropylene (PP) - among the most widely used plastics today. The reasons given were the situation for plastic raw material in Europe and that this plant was economically weak.
The recommendation was followed up by the Corporate Assembly (13 March 2006). The employee representatives motioned for an alternative resolution, which would mean continued operations for 2-3 years until gas and raw material supply situation was clarified. In May the timeline was fixed, leading to closure of the factory by 31 October 2006.
The closure will result in a loss of 100 jobs. The employees will be offered severance pay and early pension schemes. Dependent on age the severance pay will vary from 6 to 24 monthly wages. All three plants in the area, with a total of 550 employees will be treated together when it comes to downsizing, which means that employees in all plants may be affected. If not a sufficient number of employees go voluntarily, there may be dismissals.
Eurofound (2006), Borealis, Internal restructuring in Norway, factsheet number 63525, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63525.
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