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.
The Alnwick site of US owned pharmaceutical company Covance is due to close later in 2015 with the loss of 130 jobs. Staff at Covance was issued with letters on 9 September informing them that their position is at risk of redundancy and confirming the intention to close the site. The site was acquired by Covance in 2010 and as part of the deal received five years of contractual payments from Sanofi, the company it bought the site from. Once these payments cease in October 2015 the site will operate at a loss. Covance is understood to have been seeking a buyer for the site since April, but has so far been unsuccessful.
Eurofound (2015), Covance, Closure in United Kingdom, factsheet number 84769, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/84769.