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.
Producer of electric domestic appliances FagorMastercook will implement a collective dismissal programme resulting in the loss of 1,118 jobs by the end of May 2014.
Workers who are made redundant will receive a severance package. The company announced that the reason for the redundancies is because the factory is no longer profitable due to a shrinking order book and deterioration of situation in the domestic appliances market.
The factory in Wrocław was founded in 1946 and was state-owned until it was acquired by Fagor in 2002.
The ERM reported on restructurings at the company in 2006, 2005a and 2005b.
Update 21.05.2014: The official receiver of FagorMastercook announced that the company has signed a new contract and as a result 900 jobs will be saved. The source reports that from 15 June 2014 the factory will produce household appliances for a company from Algeria. As a result of this contract, the factory will be operational until at least mid-August 2014, but the official receiver said that there is a chance to extend the contract and continue production until the end of 2014. By the end of April 2014, over 130 jobs were cut through the collective dismissal programme and 100 additional jobs are to be cut by May 2014.
Eurofound (2014), FagorMastercook, Internal restructuring in Poland, factsheet number 76826, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76826.
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