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 17 May, the management of SAIPEM, has announced a restructuring that will affect 251 employees out of a total workforce of 1,900 in its site of Montigny-les-Bretonneux (Yvelines). The employees and union representatives suspect that the real reason is a disguised delocalization to Italy.
SAIPEM is a global leader in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company is a subsidiary of the Italian group ENI. The reorganisation is directly related to the drop of oil prices from €115 per barrel in 2011 to the current price of about €50. Trade unions held a demonstration on June 9 to obtain a voluntary departure plan. Union explained the group intends to cut job in France and perhaps to close an engineering sites employing 700 people, to preserve employment level in Italy. SAIPEM employs 40,350 people worldwide.
Eurofound (2017), SAIPEM, Internal restructuring in France, factsheet number 91331, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91331.
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