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 commercial court of Saint-Etienne has decided the judicial liquidation of Sag France, which leads to the dismissal of its 100 employees. This subsidiary of the Austrian group Salzburger Aluminium Group (SAG Motion GmbH) manufactured tanks for industrial vehicles, particularly lifting and handling equipment. Sag France worked mainly for Renault Trucks. The French management had declared itself in a state of suspension of payments following the cessation, on 8 September 2022, of deliveries to their main customer, Renault Trucks (AB Volvo Group), which accounted for 85% of sales. No candidate has applied to takeover of this company, which was founded in 1919 and has been in receivership since 5 October. The CGT and CFTC trade union representatives denounced 'the total lack of support from the Austrian parent company, which deliberately placed its French subsidiary in difficulty, whose auditors refused to validate the 2021 financial year because of debts owed by the group'. The site, which had a turnover of €20 million, employed around one hundred people, including twenty temporary workers.
Eurofound (2022), Sag France, Bankruptcy in France, factsheet number 108143, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108143.