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 Belgian chemical company Solvay has announced a reorganisation of its composite materials business with 570 job cuts in the United States and UK as it accelerated its restructuring due to the COVID-19 pandemic. The total headcount of the division would fall by about 20%. The reorganisation leads to the closure of two sites at Tulsa (Oklahoma, USA) and Manchester (UK). The two sites will be closed before the end of the year. Solvay plans to transfer some activities to other plants in the USA and UK. The division, which makes plastics, resins and carbon fibre material for the aerospace industry, had already started a cost-cutting programme with 500 job cuts due to reduced production of Boeing’s grounded 737 MAX plane (see ERM FS). But this reorganisation is currently not sufficient to overcome the drop in expected demand for civil aircraft caused due to COVID-19.
Eurofound (2020), Solvay, Closure in World, factsheet number 100699, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100699.