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.
Shannon-based industrial diamond manufacturing company Element Six Ltd has announced 75 job losses as part of a restructuring programme. The job losses constitute more than 13 per cent of its total workforce of 564. Two-thirds of the redundancies will be support staff, and the remaining will come from production operations. "This reduction in group costs is necessary as the industrial diamond business is highly- competitive, with increased competition from lower-cost economies, in particular from the Far East," said a company statement. "These redundancies will be open to all staff subject to the needs of the business. The company hopes and expects that the redundancies will be achieved voluntarily." The company said the redundancy package would be six weeks' pay for each year of service together with statutory redundancy, subject to a ceiling of 2.5 years' salary. Element Six, formerly DeBeers, supplies high-quality industrial diamond and the complementary cubic boron nitride abrasive materials.
Eurofound (2006), Element Six, Internal restructuring in Ireland, factsheet number 63940, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63940.
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