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 Manufacture Of Food And Beverage Manufacture Of Food Products 10.2 - Processing And Preserving Of Fish, Crustaceans And Molluscs
97 jobs Number of planned job losses
Announcement Date
20 March 2024
Employment effect (start)
20 March 2024
Foreseen end date
Description
Gencoal, a Portuguese food canning company announced at the end of March 2024 that it would dismiss 97 workers, representing 35% of its workforce (a total of 277 workers).
Gencoal is located in Vila do Conde (Porto), and owned by Italy's Generale Conserve. Despite the sector's growth, with exports increasing by 38% between 2015 and 2021, and 24 investment projects receiving EUR €27.4million from the Mar 2020 programme, the company is forced to reduce its workforce. The rise in the price of olive oil and aluminium, and competition from Poland are the main reasons pointed out for this decision.
Eurofound (2024), Gencoal, Internal restructuring in Portugal, factsheet number 200979, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200979.
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