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 automotive group Pininfarina announced the start of the liquidation procedure of Pininfarina Engineering, a Turin-based company operating in the automotive design and services sector with headquarters in Lingotto, and the concurrent dismissal of all its 138 employees.
Pininfarina Engineering is wholly owned by the Pininfarina group which highlighted the losses suffered already in 2019, with falling sales volumes and consequent pressure on prices and margins, in addition to the difficulties caused by the COVID-19 crisis. The parent company defended the decision as a rationalisation and simplification of the corporate structure necessary to maintain the group's business continuity.
The metalworkers unions called an eight-hour strike, with assembly and picketing in front of the gates of the Pininfarina headquarters, at Cambiano, in the Turin area.
Eurofound (2020), Pininfarina Engineering, Closure in Italy, factsheet number 102201, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102201.