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.
On 5 January 2016, state-owned power company Oltenia Energy Complex (CEO) announced a restructuring/reorganisation programme to be implemented in 2016 and affecting 118 jobs. Union representatives claimed that the planned headcount reductions were however much higher.
Later in February, the company announced the cut of 73 managerial positions and in a subsequent press announcement, another 45 job cuts were announced and they concerned the mining division.
On 18 February, the management and the union agreed several restructuring measures, which included a five-day period of technical unemployment at Rovinari and Husnicioara sites starting from 22 February. However, according to the Rovinari area union leader Gheorghe Peptan, the negotiations ended with the decision to dismiss 3,000 employees in 2016. The restructuring plan was set to start in March 2016. At that time, the management did not confirm the 3,000 dismissals, in spite of the announcement made by the union, and the official figure was of 118 job cuts.
Update, 15 March 2016: On 15 March 2016, Oltenia Energy Complex (CEO) announced that 2,000 employees will be made redundant as of 1 of July 2016. Out of the 2,000 affected employees, 1,070 employees will retire by 31 December 2019. About 483 redundancies will occur in Husnicioara (Mehedinti County), 321 in Rovinari (Gorj County), 110 in Chsicani and Seciuri (Braila County), 10 employees from the Tehomir (Gorj County), and 6 at at headquarters in Bucharest.
Update, 29 April 2016: The company has launched a dismissal plan envisaging 5,000 redundancies by 2020, either via voluntary leave or retirement. Some 2,000 employees will be made redundant by 2017, another 2,204 will be let go between 2018 and 2019 and the remainder 455 redundancies will occur in 2020. Complexul Energetic Oltenia will have 13,284 employees by the end of 2016.
Update, 14 March 2017: The General Assembly of the shareholders announced that the initial plan for dismissals for 2017 has changed. The company will cut 1,000 jobs in 2017, of which 450 through natural attrition and 550 through direct dismissals. Also, the company announced that another 1,482 employees will be let go between 2018 and 2019 and other 790 redundancies will occur in 2020.
Eurofound (2016), Complexul Energetic Oltenia (CEO), Internal restructuring in Romania, factsheet number 86528, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86528.
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