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.
The American multinational corporation Arca Technologies, active in the sector of banking automation and cash management, announced 103 redundancies at its Ivrea branch. According to the company, the job cuts will be carried out without using the Italian short-time work scheme (Cassa Integrazione Guadagni) since redundancies are considered structural and not contingent.
Affected workers are mostly employed in the Research and Development department. Redundancies were motivated by the company as a consequence of a reduction of revenues despite significant investments.
The trade union FIOM-CGIL, which represents workers of the branch, rejected the proposed plan and organised a street blockade with the massive participation of workers.
Currently, the company employs 282 workers at the Ivrea branch.
Update, 08/05/2018: A preliminary agreement was reached on 9 May 2018 between the trade union and the company management. Job cuts will be reduced to 78 which will be implemented on a voluntary basis via early retirements and voluntary exits with economic incentives. As part of the agreement, the company will offer 'solidarity contracts' (contratti di solidarieta') to some 225 workers for 12 months. Such contracts put workers on reduced hours in order to protect their jobs. Training measures will be also provided to the affected employees. The trade union FIOM-CGIL expressed their satisfaction with the deal and argued that the positive outcome was reached thanks to workers' mobilisation and the support of local institutions.
Eurofound (2018), Arca Technologies, Internal restructuring in Italy, factsheet number 93998, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/93998.
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