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.
Mantero is one of the world's leading specialists in the creation, production and distribution of silk fabrics and accessories (ties, scarves, underwear and beachwear). It is headquartered in Italy (Como) and it has offices and plants in France (Paris), United States (New York) and China (Hangzou). It has a global workforce of 850 employees, 700 of whom are employed in the Como plant. In 2006, the company's turnover registered a significant loss of 20 million euro, more than 20% of the net proceeds. In order to cut the operating costs, Mantero announced on 4 January 2007 a restructuring plan that envisages a reduction of personnel costs in the Como plant, with the reduction of 265 jobs between 2007 and 2010. On 9 January 2007, the trade union representatives at the Como plant reacted to the company's decision by going out on strike and blockading the factory gates. The trade unions demand the involvement of the local authorities in order to find ways to avoid the redundancies envisaged by the reorganisation plan, and to obtain information on Mantero's industrial strategies. On 9 February 2007, the company reached an agreement on the reorganisation plan with representatives of local authorities and the trade unions. Under this agreement, Mantero will stop the collective dismissal procedure: the 265 workers initially involved will benefit from the 'special' Wages Guarantee Fund (Cassa integrazione guadagni straordinaria, Cigs), a 'social shock absorber' that intervenes in cases of restructuring, reorganisation, change of activity or economic difficulties. The Wages Guarantee Fund scheme will last one year. This measure should allow the social partners to develop adequate initiatives for the outplacement and redeployment of potential redundant personnel. Possible measures include: fostering 'mobility' with a view to early retirement, providing economic incentives for voluntary resignation, and income support and retraining measures to help the redundant personnel during possible spells of unemployment while they search for a new job. Moreover, the agreement envisages the company's commitment to invest new financial resources in research and development in the production of innovative products where possible.
The authorities had previously applied for aid from the European Globalisation Adjustment Fund (EGF).
Eurofound (2007), Mantero, Internal restructuring in Italy, factsheet number 64707, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64707.
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