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.
Renold, manufacturer of industrial chains, gearboxes and couplings, has announced that it will close its plant in Stockport, Greater Manchester. The closure of the Renold plant will result in the loss of around 230 jobs. The company said that the site was no longer financially viable as it has incurred losses in recent years. The company has entered into consultation with its staff and their representatives.
Updated, 22-07-2014: Despite a campaign by staff to try to keep the Stockport factory open, on 22 July 2014 the company confirmed that has completed the final stages in closing the plant. A total of 231 workers who were employed at the plant have been retrenched. Renold was first formed in Manchester in 1873, with many of the workers having long tenure with the company and for some families, several generations work or have worked at the Stockport site.
Eurofound (2013), Renold, Closure in United Kingdom, factsheet number 77342, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77342.