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.
McPhy, a French company that produces, distributes and stores hydrogen energy, is cutting all of its 265 jobs due to its bankruptcy. Its Belgian competitor, John Cockerill, took on 51 employees when it bought the company following its liquidation. McPhy had been facing financial difficulties due to a lack of demand. It had attempted to refocus its manufacturing of electrolyisers. John Cockerill is aiming to launch a new product by combining its expertise with that of McPhy. The latter had received 114 million in public aid with its aim of recruiting 450 people.
Updated, 28/07/2025
On July 8, the Commercial Court of Belfort approved a takeover plan for McPhy by John Cockerill Hydrogen, whose headquarters is located in Aspach-Michelbach near Mulhouse. Precisely, the restructuring includes the acquisition of the Belfort/Foussemagne gigafactory. The goal is to secure the future of a strategic technology sector for France's energy transition. Eventually, the takeover by John Cockerill preserve 72% of jobs in France and save around 51 jobs.
Eurofound (2025), McPhy Energy, Bankruptcy in France, factsheet number 202791, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202791.