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.
US company Cenntro Motors France who took over the company SITL in Lyon one year ago, has announced to its Works Council a restructuring plan to cut about 263 jobs out of a total of 383.
The site that mainly builds electric cars was placed in receivership on 30 April 2014. It had belonged to the washing machine manufacturer Fagor-Brandt who sold it to SITL. In June 2014, Cenntro Motors decided to take over the site to produce electrical vehicles. It has invested €15 million euro and took the commitment to keep at least 300 employees.
Cenntro Motors received financial support from the State including subsidies under the short-term unemployment scheme for about 300 employees, as the activity did not pick up as expected. For the period April 2014 to June 2015 the site reached a turnover below €400,000.
Eurofound (2015), Cenntro Motor France, Bankruptcy in France, factsheet number 83712, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83712.
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