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.
Element Six, the world's leading supplier of diamond supermaterials used for a wide range of applications in industries such as oil & gas, automotive, construction, mining, telecomunicaitons, technology, aerospace & defence and medical industries, announced agreement to pursue a bold plan to secure the long-term sustainability of operations in Shannon and retain more than 240 jobs. This Plan is an alternative to winding down operations announced on 22nd July that would have resulted in the loss of around 370 jobs in Shannon, while 80 positions were to be retained on the site. Following the latest announcement the company plans to cut 210 jobs at its Shannon site.
Cyrus Jilla, CEO of Element Six said, "Since the extremely regrettable decision to wind down operations, we've had highly constructive discussions with the local management team and I'm delighted this has led to development of a truly sustainable plan for Shannon retaining more than 240 jobs. We recognise the excellent capabilities we have in Shannon, but economic realities meant we could only retain operations if they could be competitive for the long-term and not continually restructured. This Plan achieves that goal. In addition, given the moving costs avoided under the Sustainability Plan, we have increased the fund for affected workers to €8M but still meeting our strict affordability limits. This trebles the ex-gratia package per employee and provides a total redundancy payment of in excess of 4½ weeks per year of service.
Eurofound (2009), Element Six, Internal restructuring in Ireland, factsheet number 69380, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69380.
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