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.
Drilling equipment manufacturer MHWirth is reducing its global staff by up to 800 positions, dismissing 300 permanent employees in Norway. On October 12, the company announced that 220 permanent positions will be cut at the headquarters in Kristiansand while the rest of the cuts will be spread between the offices in Stavanger, Horten and Oslo.
As previously reported, MHWirth has undergone several rounds of restructuring, having dismissed about 800 in total. In the previous rounds of restructuring, 200 employees in Norway has so far been dismissed this year, and 200 of the 250 hired consultants had their contracts dismissed. The remaining 50 consultants will likely have their contracts terminated by the end of the year, on top of the 300 new dismissals. After this new round of restructuring, there will be about 820 employees in Kristiansand, 1100 in Norway and 2500 globally.
The rationale for the restructuring is a lack of projects following the downturn in the petroleum sector. Additional cuts are not ruled out, depending on the market situation. Union representatives describe the cooperation with management as very good, with weekly meetings and close dialogue. At the same time it is underlined that the remaining employees are heavily affected and that many long-term employees have lost their livelihood.
Eurofound (2015), MHWirth, Internal restructuring in Norway, factsheet number 85175, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/85175.
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