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.
US pharmaceutical giant, Pfizer, which is among Ireland's largest employers, has announced 275 redundancies at its plant in County Kildare, and approximately 500 more job losses could follow in its other Irish plants. The 275 job losses announced thus far relate to a proposal to cease manufacture of oral contraceptives at the Kildare plant - a total of 770 jobs will remain at the plant.
Furthermore, Pfizer also said it plans to exit operations from three other Irish plants over the next few years: its solid-dose plant in Loughbeg, County Cork, its biotechnology plant in Shanbally, which is also in County Cork, and its aseptic facility in County Dublin. These various restructuring proposals are due to take place over the next 18 months to five years. The upshot is that a further 510 jobs could eventually be lost in addition to the 275 redundancies above: 210 jobs could be lost at Dun Laoghaire, 225 at Loughbeg and 75 at Shanbally if a buyer is not found for the facilities.
In relation to its worldwide restructuring plans, Pfizer said it would cut 6,000 jobs, or 18% of its global workforce jobs, at its 78 manufacturing plants over the next five years as it consolidates operations following last year's purchase of smaller rival Wyeth. Pfizer has said that it would cease operations at eight plants in Ireland, Puerto Rico and the US by late 2015 and reduce activities at six factories in those countries as well as in Germany and Britain.
On its Irish plans, Pfizer said it plans to exit its Dublin plant from the end of 2011 to 2014. It says it is closing its Loughbeg (Cork) site as its only product - Lipitor - is approaching loss of exclusivity. Operations there are expected to cease by early 2012. The company is due to leave its Shanbally (Cork) plant by early 2013 pending the launch of its tanezymab product, regulatory approval and technology transfer milestones. It said its Kildare plant will now focus on specialised technology with the potential to transfer up to five new products to the plant. The 275 job cuts will be phased out from the end of 2010 until 2014. The main cuts will be made in 2013, it is envisaged.
Eurofound (2010), Pfizer, Internal restructuring in Ireland, factsheet number 70564, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70564.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
