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.
Glaxosmithkline, the pharmaceutical firm, is to reduce its workforce at Currabinny, Co Cork, by 100. The company said that due to falling sales for a number of the products produced at Cork there was “excess capacity at Currabinny, and this situation is not sustainable”. The Currabinny site produces ingredients for a number of drugs, including Tykerb, which is used in the treatment of breast cancer. Some 500 people are employed there. Finbar Whyte, the site director, said the redundancies were not a reflection on the performance of the site or the commitment of the employees. “Unfortunately, due to falling volumes globally of some of our site's products, we have excess capacity at Currabinny, and this situation is not sustainable”, he said.
Eurofound (2008), Glaxo Smith Kline, Internal restructuring in Ireland, factsheet number 66335, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66335.
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