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.
Gunvor Refinery, a leading facility in Rotterdam, announced the termination of its motor fuel production, resulting in 150 of 260 employees losing their jobs. The refinery, among the oldest in Rotterdam's Europoort, will transition into a streamlined terminal focusing on the storage and transshipment of fuel. The restructuring decision stems from intensified competition from modern refineries in Africa and the Middle East, compounded by a 25% surge in costs driven by inflation and increased energy prices.
The announcement came close to the holiday season, drawing criticism from trade union FNV, which described the decision as "a black day." The union pledged to negotiate a robust social plan to assist impacted employees during this uncertain period.
Eurofound (2024), Gunvor Petroleum Rotterdam, Internal restructuring in Netherlands, factsheet number 202118, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202118.