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.
Portuguese public transport operators, Metro do Porto and the bus and tram company STCP announced plans to cut 300 jobs. As reported, the joint administration of the two companies that merged in 2012 announced a job reduction plan affecting administrative and maintenance staff in STCP (250 jobs) and mainly technical staff (50 jobs) in Metro do Porto. According to the sources, the job cuts will take place by means of termination by mutual agreement of the parties.
In 2012, 150 -190 job cuts were announced but the measure was postponed. As mentioned, the restructuring is linked with a privatisation drive through concessions agreed under the mid-2011 EU/IMF bailout.
Eurofound (2014), STCP and Metro Porto, Internal restructuring in Portugal, factsheet number 77070, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77070.