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.
More than 300 jobs are being created by a cosmetics company at Maesteg near Bridgend. Creative Outsourcing Solutions International (Cosi) said it is to add new high-tech equipment and increase production over three years. The firm makes beauty products on contract for companies including Unilever and Body Shop and currently employs 700 at its site in Maesteg. Cosi claims the south Wales site will become the biggest of its kind in western Europe with the 'multi-million pound' expansion. Stuart Meldrum, Cosi's chief executive officer, said: 'Since we acquired the Maesteg operation in 2001, we recognised that with the right levels of investment it would become a core part of our business.' 'The skills of the people working at the plant are well-developed and they have done an excellent job in maintaining the high standards and productivity levels we need to compete effectively in a dynamic global market.' He added: 'This investment demonstrates our commitment to manufacturing in south Wales as well as providing job security for our existing staff and creating hundreds of new jobs in Maesteg over the next three years.' The expansion of the Maesteg factory has been supported by the Welsh Assembly Government with regional selective assistance. David Allen, director of global operations for Cosi told BBC news: "Unfortunately, we're having to lose 200 jobs at Littlehampton. We had a choice of consolidating the cost base between Maesteg and Littlehampton but Maesteg has all the facilities we need and unfortunately we're just land-locked at the Littlehampton factory." 25th October 2007 On 25th October 2007, Cosi announced that the plans to create 300 new jobs at Maesteg had been abandoned. This decision was attributed to poor trading results in the summer of 2007. The firm also announced in October 2007 that 242 jobs were to be cut at the Maesteg plant.
Eurofound (2007), Creative Outsourcing Solutions International (Cosi), Internal restructuring in United Kingdom, factsheet number 64788, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64788.
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