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.
Société Le Nickel (SLN), a subsidiary facing economic difficulties of the Eramet group in New Caledonia, has announced it would increase its costs reduction to "ensure the sustainability of the company" threatened by lower nickel prices and the competition with low prices producers. An ongoing performance plan envisaged to reduce the cost of production to USD 4.5 (EUR 3.77) per pound of nickel by the end of 2017, compared to USD 6 (EUR 5.03) in 2015. However, the NLS board is now considering that the objective was not "sufficient" to ensure the sustainability of the company. It has set a new target of USD 4 (EUR 3.35) per pound by the end of 2020.
The management plans to change work organisation by increasing working time up to 42 hours per week and reducing the hierarchical structure of the company. Trade unions are against new job cuts after the company already reduced its workforce to achieve the target of 1,850 employees by the end of 2018. The company wants to cut 300 jobs out of a total of the current 2,000 by 2020. SLN looses about EUR 20 million each month.
Eurofound (2017), Société Le Nickel (SLN), Internal restructuring in France, factsheet number 91879, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91879.
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