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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.13 - Manufacture of other pumps and compressors
398 jobs Number of planned job losses
Announcement Date
10 February 2021
Employment effect (start)
Foreseen end date
Description
The bankruptcy trustee of the metal manufacturing company Ventures Production (former Embraco), has announced the dismissal of 398 out of 406 workers of the Riva di Chieri plant.
In July, when the redundancy fund will come to an end, 398 workers will receive the dismissal letter.
The decision is the outcome of a long process which began in March 2018 when the Ministry of Economic Development (Mise) gave the green light to the Ventures project, a company with an Italian-Chinese-Israeli mixed capital created to take over the plant abandoned from Embraco. At the time Embraco was owned by the Whirlpool group, which planned to offshore production.
Eurofound (2021), Ventures Production, Bankruptcy in Italy, factsheet number 103580, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103580.
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