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.
Sorin, a manufacturer of electrophysiology and cardiac rhythm management systems, is to cut 60 jobs at its site located in Clamard (Haut-de-Seine) and to close a R&D site in Meylan (Isère), which employs 15 people. The reorganisation will lead to a total of 75 job cuts out of a total of 465 positions currently available within the company. The reorganisation of Sorin was announced in March, five months after the US based company Cyberonics took over the company. Management highlighted that Sorins’ annual turnover has been steadily decreasing over the past four years and that the company has to deal with steep competition in France, usually from larger firms. Therefore, the company has decided to reduce expenses, and will decrease its budgetary allowance for R&D from 25% to 17% of annual turnover. Following the announcement in March, the management signed an agreement with the two main unions (CFE-CGC and CFDT) which detailed a plan to focus on voluntary redundancies. The option to accept such redundancies will become available at the start of June and will remain open for four weeks. The company is being assisted by a consulting firm, BPI, which helps to provide supports and services to employees seeking a new job.
Eurofound (2016), Sorin, Internal restructuring in France, factsheet number 87481, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/87481.
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