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.
John Zink, a supplier of combustion products such as burners, flares, thermal oxidisers and vapour recovery systems, has announced it will cut 54 positions from a total workforce consisting of 319 employees in its plant in Dudelange. The company is part of Koch Industries. In Dudelange, the job reductions will equally affect workers in production and support functions. As the negotiations on the social plan start, the union OGBL has announced that it wants to reduce the number of job cuts as much as possible, with part-time work if necessary. The union also wants to obtain individual support for the affected employees. According to OGBL, the management has explained that the job cuts are necessitated by the drop in profit margins from 20% a few years ago, to an expected 0% in the coming years.
Job cuts have also be announced in the UK, in a plant in Poole, where around 50 positions will be cut, an announcement which comes after the company previously laying-off of 50 employees out of a total workforce of 150 people in late 2016. According to the management of the UK operations, the decision for the job cuts is due to "continued unfavourable market conditions – primarily the low price of oil" that "have led to substantial reductions of capital investments in the oil industry" (Daily Echo).
Updated, 31/05/2017; On 31 May 2017, a social plan was signed and the job cuts were reduced from the originally planned 54 positions down to 50 positions. The employees will leave the company either through early retirement or they will receive a dismissal allowance.
Eurofound (2017), John Zink, Internal restructuring in Luxembourg, factsheet number 90711, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/90711.
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