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 pharmaceutical company Corden Pharma announced its intention to start a restructuring plan for the plant in Sermoneta (province of Latina) which entails the dismissal of 192 out of 491 workers currently employed at the site.
The decision has been justified by the management as a necessary step to recover from the difficult economic and financial situation the company is facing. Due to the same reason, the company has stopped the payment of wages for October and of the supplementary monthly payment foreseen by the sectoral collective agreement.
Negotiations between the company, trade unions, and local institutions have started with the goal of reducing the number of dismissals and their social consequences through the use of shock absorber instruments.
Update, 21/01/2019: Thanks to an agreement signed between the company, the trade unions and workplace employee representatives, dismissals for 188 workers of Corden Pharma were withdrawn. The agreement entails the use of social shock absorber instruments (Cassa Integrazione Straordinaria) for 400 employees of the plant, and the suspension of the payment of the productivity bonus and the 14th supplementary monthly payment foreseen by the chemical industry's sectoral collective agreement until 2024 (after which it will be reinstated automatically). The mobility procedure will remain open to all those workers who wish to leave voluntarily, whose exit will be economically incentivesed.
Eurofound (2018), Corden Pharma, Internal restructuring in Italy, factsheet number 95941, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/95941.
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