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.
Nottingham-based firm in the aerospace supply chain, Turbine Surface Technologies (TSTL) announced plans to reduce its workforce by 106 jobs due to the impact of the Coronavirus pandemic on its major client, Rolls-Royce. The company makes coatings for gas turbine components for Rolls-Royce. A joint venture between Rolls-Royce and manufacturing firm Chromally, TSTL employed around 600 people prior to this restructuring.
The firm is part of the large supply chain of SMEs located in the East Midlands that provide parts to the aerospace industry.
Unite, the trade union, is reported as having secured a ‘generous’ redundancy package as it works with the company to try to minimise the number of compulsory redundancies. The job cuts at this firm in the supply chain are linked to the general downturn in the aerospace sector, with Rolls-Royce recently announcing plans to reduce its own workforce (see related factsheet).
Eurofound (2020), Turbine Surface Technologies, Internal restructuring in United Kingdom, factsheet number 101250, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101250.