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.
Ireland's semi-state electricity company the ESB has announced 1,000 redundancies, as part of a restructuring and cost-cutting plan, after workers voted in favour in a ballot. It is reported that the €140m annual labour cost reductions include 700 voluntary redundancies, and an additional 300 staff who are due to retire by 2015 will not be replaced.
The ESB has suggested that the voluntary redundancies and retirements would comprise most of the saving sought. The proposals would reduce the ESB workforce from 6,700 to 5,700. It is understood that the voluntary redundancy option will close at the end of May 2012, with approvals due to be completed by the end of July 2012. Staff who apply will be expected to exit the company before the end of 2012.
Eurofound (2012), Electricity Supply Board (ESB), Internal restructuring in Ireland, factsheet number 73417, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73417.