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.
Total Petrochemicals France, a petrochemical and oil refining company, has announced the cutting of around 550 jobs from various sites across France. The internal restructuring is a response to an overcapacity in world petrochemical production. 249 jobs will be shed in the refineries between now and 2013, and 306 jobs will be shed in the company's petrochemical arm between now and 2012. Cuts will be across plants, offices and research centres. There will be no compulsory redundancies: most cuts will be achieved through retirements, and also natural departures and reclassifications.
The restructuring plan has received a strong reaction from trade union and political quarters. Last month the company recorded a French record profit for 2008 of 13.9 billion euro, and in this context the redundancies are angering political and trade union figures, who contend that the company should be setting an example in terms of employment during the current economic crisis.
Total has defended the decision, saying that it is the least painful option in carrying out the necessary restructuring. Other possibiliities were to close down a small refinery site or to significantly reduce the production capacity in one larger site. The surplus production in France, because of the production capacities in the Middle East, means the restructuring is necessary. Currently the company exports its surplus to the United States.
Eurofound (2009), Total, Internal restructuring in France, factsheet number 68546, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68546.
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