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.
Cosco Pacific announced, just after the concession agreement with Piraeus Port Authority, that at least 1,000 new jobs will be created.
In November 25th, 2008 Cosco Pacific signed a privatization deal with Piraeus Port Authority (OLP) allowing it to handle OLP’s cargo management (piers 2 & 3 of Piraeus Container Terminal) facilities for up to 35 years. Right after the signing of the agreement Cosco’s President and CEO announced that hundreds of new jobs will be created, and in any case at least 1,000.
The same day workers in Piraeus Port went on a 24 Pan-Hellenic strike followed by demonstrations and the presentation of a resolution to the Greek Parliament against the privatization of the port.
COSCO Pacific and its ultimate parent company - China Ocean Shipping (Group) Company ("COSCO") - is the largest shipping enterprise in China and the second largest in the world.
Piraeus Port is the largest container terminal in Greece, serving Europe, North Africa and the Mediterranean.
Eurofound (2008), Piraeus Port Authority, Internal restructuring in Greece, factsheet number 67491, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67491.