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.
French multinational pharmaceuticals firm Sanofi is cutting between 1,400 and 3,000 research and development jobs worldwide. The precise number of redundancies is unclear at this point with union representatives reporting the cut of 1,400 jobs in Europe and the US while Sanofi has announced 3,000 cuts in September.
The CGT union representatives reported that 555 job cuts in Europe have been discussed so far with the European Workers Committee. 328 of the cuts would be taking place in Frankfurt, 164 in Hungary and 63 in Milan, Italy. Additionally, Sanofi recently bought Genzyme, a specialist pharmaceuticals manufacturer in the Netherlands and Britain: an unspecified number of jobs are under threat there. About 900 jobs are expected to be cut in the United States.
The cuts are said to be necessary due to the imminent expiry of several major patents. This most recent restructuring follows cuts earlier this year during the restructuring of Sanofi-Aventis' European subsidiaries (see previous case here).
Eurofound (2011), Sanofi, Internal restructuring in World, factsheet number 72705, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72705.
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