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.
Romanian producer of heavy technological equipment, with integrated metallurgical and mechanical structure Fortus, has announced the collective dismissal of 260 people at its plant in Iasi. The redundancies will be implemented by 13 February 2018. While production will be discontinued, the company intends to retain 73 employees of a total workforce of 336 to preserve the assets of the company.
In 2007, the company was declared insolvent and in 2013 started a restructuring process which was not finalised. Although the company ceased operations in 2015, the 336 people still registered as employees have since then continued to receive 75% of their last basic salary.
The unions did not react to the announcement as the company has no collective agreement in force.
Eurofound (2018), Fortus, Internal restructuring in Romania, factsheet number 93021, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/93021.