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.
Volvo Europa Trucks is a subsidiary of the Swedish cars manufacturer Volvo building trailers. The site of Ghent, in Belgium, is the only European site building Volvo trailers. During the month of October, the company announced two consecutives restructuring processes leading to 400 and to 200 jobs lost concerning blue-collars as well as white-collars. At first, the company announced the cancellation of the night shift that employed 400 employees including temporary workers and workers employed with a fixed-term contract. At the end of the month, Volvo announced a second round of restructuring that would concern 200 jobs including 150 employees with a fixed-term contract. No direct dismissal is forecast: the fixed-term and temporary contracts will not be extended and early retirement will be proposed for the rest of the workers concerned. The job losses will be carried out by the end of 2008. The company explained these measures by a huge decrease of the demand and the consequences of the international financial crisis.
For further information, see the EIRO report.
Eurofound (2008), Volvo Europa Truck, Internal restructuring in Belgium, factsheet number 67280, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67280.