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.
Arcotronics Group, one of the world leader producers of technologies for pharmaceutical sector, batteries industries and electronics, has announced that it is to cut 340 jobs with the closure of one of its three plants located in the province of Bologna. In particular, it is the plant located in Vergato which should be closed. The job cuts are part of a broad restructuring programme in which Arcotronics provides new investments in the other two Italian plants that should concentrate their activities on the high-quality production. The announcement of the restructuring plan follows a decline in the group’s profits in 2007, and the changes introduced by the plan are intended to improve the competitiveness of the group.
The trade unions are worried about both the negative effects linked to the closure of the plant located in Vergato, and the actual intentions of the company to invest in the other two Italian plants. For these reasons, the company’s representatives, the trade unions and the local political authorities have planned some meetings for the next weeks.
On 3 April 2008, after several meetings, the representatives of Kemet (which owns Arcotronics), the trade unions and the Emilia Romagna representatives reached an agreement which envisages the construction of a new technological-advanced plant at Pontecchio Marconi and new investments in order to develop high-quality production. Almost all the employees of Vergato plant and part of the employees of Sasso Marconi should be employed at the new plant that will be located at Pontecchio Marconi. Moreover, the agreement envisages several measures - such as economic incentives for voluntary resignation, retirement for those who are already eligible and the special Wages Guarantee Fund - in order to reduce the negative social impact of possible lay-offs.
Arcotronics Group is a world leading producer of passive components, electric units and hi-tech machineries. It is headquartered in Italy, where it also has three manufacturing facilities (in Sasso Marconi, Vergato and Monghidoro, all of them near Bologna). It has other plants in Germany (Landsberg am Lech), United Kingdom (Towcester), Bulgaria (Kyustendil), China (Shanghai) and in the U.S.A. In October 2007 it has been acquired by the American corporation Kemet, one of the main electronic components manufacturers in the world.
Eurofound (2008), Arcotronics Group, Relocation in Italy, factsheet number 66292, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66292.
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