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.
Gunvor, an oil refinery plant in the port of Antwerp, has announced it will dismiss 230 of its employees. The reasoning behind the restructuring is the fact that the plant has not refined any oil for a significant period now due to a lack of demand (mainly for aeroplane fuel). The company is currently looking to see if the facility can be transformed into an oil storage facility, which would allow for 30-40 employees to remain active. The refinery will be maintained as well to start up quickly in case a reboot should happen. This seems unlikely shortly.
Eurofound (2020), Gunvor, Internal restructuring in Belgium, factsheet number 101065, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101065.