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.
TRW Automotive, a U.S. owned global car parts manufacturer, has announced that it is to cut 128 jobs at its Pontypool plant. The firm employs about 500 people in Pontypool, and blamed the end of a contract for the job losses, which may include compulsory redundancies. The company, which makes braking components for several manufacturers, will cut 103 manufacturing jobs and 25 in staff and support roles. Manager Steve Stott said the industry was 'extremely tough' and it had to be competitive to secure its future. Consultation has begun with employees and trade unions. Mr Stott said a contract worth about a quarter of the work at the factory was coming to an end in February.
'Despite success at winning some new business, our overall production will be down next year and we face reduced profit margins. We have to take steps to manage our cost base appropriately,' he said.
'We hope to achieve this reduction through volunteers, but recognise that there may need to be some compulsory redundancies.'
'We will provide all necessary support to our employees at this difficult time including outplacement support to help people find alternative jobs.'
Graham Smith of the trade union Amicus said he was disappointed that a valleys community was hit by job losses, on top of last year's TRW cuts. The American-owned company is one of the biggest of its type in the world, with about 63,000 workers in 26 countries. Torfaen MP Paul Murphy and AM Lynne Neagle said they had organised an emergency meeting with company managers on Friday.
In a joint statement they said: 'We understand that the workers have been given a presentation by the company which underlined the long-term security of the plant.'
'Whilst this does represent some good news, it is obviously no comfort for those affected by today's job loss announcement.'
Eurofound (2006), TRW Automotive, Internal restructuring in United Kingdom, factsheet number 64415, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64415.
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