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.
Technip, a world leader in project management, engineering and construction for the energy industry, has announced a plan to cut its global workforce by approximately 6,000 positions.
The restructuring will accelerate cost reduction and efficiency in response to the downturn in the oil and gas market. "Employees will be informed and employee representatives consulted in due time on a local basis", highlights Technips' press release.
There is no information about the countries affected, but management has mentioned to cut jobs in "some European countries, in Asia, in South-America as in Brazil". The restructuring plan targets savings of €830 million, of which €700 million to be delivered in 2016 and the balance in 2017.
In its press release, the group explains this restructuring by "the sharp fall in oil prices has had a substantial impact on clients’ behaviour, national and international oil companies alike: new projects continue to be deferred as clients assess their investment priorities in a durably changed oil price environment; on occasion there appears to be irrational behaviour in bidding on some of the projects that are being sanctioned; negotiations have been protracted on contract changes and variations, in particular on Onshore/Offshore projects, where some discussions are now even stopped and will find their resolution through a legal process."
Eurofound (2015), Technip, Internal restructuring in World, factsheet number 83944, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83944.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
