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.
BAE Systems, a British defense, security and aerospace company, has announced that it is to cut almost 3,000 jobs across the UK to ensure its long term future. The company employs 40,000 people within the UK. Most of the jobs will be lost in Yorkshire and Lancashire. The factory in Brough will lose 900 of its 1,300 workforce, the plant in Samlesbury, Lancashire loses 565 jobs of 3,970 and Warton, Lancashire loses 843 posts of 6,537. Other plants are also affected in Dorset, Hampshire, Surrey, and Essex. There is no timeline for the implementation of the cuts.
Business Secretary Vince Cable responded to the news saying that his department would do everything it could to ensure that valuable skills were not lost for the UK economy.
Update 1/3/12: Job losses at Brough have been reduced from 900 to 840. The company has announced a reduction in the number of job cuts following the redundancy consultation period. The jobs that have been saved are technical and engineering posts.
Update 16/3/12: Job losses have been reduced by 150 as 2000 manual workers have agreed to take one day unpaid leave a month for the next two years.
Eurofound (2011), BAE Systems, Internal restructuring in United Kingdom, factsheet number 73193, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73193.
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