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.
Airplane manufacturer Airbus has confirmed that it is cutting 1,600 jobs at its UK sites. The company employs more than 11,000 staff in the UK at sites in Filton, Bristol, and in Broughton, North Wales, which specialise in producing wings. Airbus has been forced to revamp its business after delays to its flagship A380 superjumbo project and because of a decline in value of the US dollar. Airbus UK managers have suggested the 1,600 job losses could be split 50-50 between the Filton and Broughton sites. UK trade union Amicus said it was extremely disappointed by the job cuts, but added that the company 'has given its assurance that it will work with the trade unions to ensure that there will be no compulsory redundancies'.
Airbus president and chief executive Louis Gallois said the company needed to face up to the reality that its business was in need of significant and far-reaching change. Mr Gallois said that one of the biggest problems facing Airbus was that it did not have partners to invest in the development of new products, meaning that the company had to find huge amounts of money to finance its operations.
In the future Airbus would look to develop the sort of partnerships that its main rivals were already benefiting from, Mr Gallois said. As part of the initiative, Airbus said it would consider an industrial partnership at its plant in Filton to 'facilitate development from metallic to composite design and manufacturing technology'.
Airbus will also restructure its internal divisions, cutting them from eight to four, with wing operations based in the UK. According to Amicus, these decisions were mixed news.
'We are disappointed that the investment in Filton is not going to be made directly by the company, but through a risk-sharing partner, and that we have some concerns around the future ownership,' the union said.
'That said, Filton will gain a foothold in composite technology that is vital in securing its future and that of UK manufacturing.'
On 1 May 2007 Airbus confirmed the job losses announced in February. 1,100 jobs will be cut at its Filton plant near Bristol. Most of the losses will be among support workers, and the posts will go over the next three years.
Eurofound (2007), Airbus, Internal restructuring in United Kingdom, factsheet number 65021, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/65021.
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