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 Norwegian subsidiary of the American oil company ExxonMobil, Esso Norge, will cut 200 jobs following a restructuring of the largest of the two oil refineries in Norway, at Slangentangen in Vestfold. For economic reasons, such as a challenging market characterised by declining demand and strong competition, the oil refinery will be turned into an oil terminal between 2021 and 2022. The restructuring means that the plant at Slangentangen will now import products, rather than refine oil. Redundant employees will be offered severance packages, help with job search and career counselling. The union representative states that the process has so far been properly handled, but that it may become difficult when the company eventually must identify those staff who will be given notice. The demand for fuel is decreasing across Europe and oil refineries profitability is under question.
Eurofound (2021), Esso Norge, Internal restructuring in Norway, factsheet number 104792, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104792.