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.
Altuglas, part of American group Trinseo, will dismiss 112 employees following closure of its Venice Porto Marghera plant (51 workers) and downsizing of the Rho facility near Milan (61 of 202 employees). The chemical company cited excessive Italian energy and production costs and more companies choosing to import the material from Asia because it is cheaper than producing it in Europe.
Plant operations ceased in September, with formal union notification delayed until Tuesday's meeting convened by Confindustria Veneto Est. The 51 Venice workers will remain employed until December 31 for cleaning and safety operations before extraordinary unemployment benefits begin.
Trade unions Filctem CGIL, Femca CISL, and Uiltec UIL declared a state of agitation, warning of potential domino effects across Porto Marghera's industrial site. National chemical worker secretariats requested urgent meetings with the Ministry of Enterprise and Made in Italy, while territorial representatives approached municipal and regional authorities.
Updated, 20.03.26: On 17 March 2026 an agreement was signed at the Ministry of Enterprise and Made in Italy regarding the closure of Altuglas. As a result, the number of redundancies at the Marghera (Venice) site has been reduced to 32 (compared to the previous expectation of 51).
Those affected by redundancy will receive an average financial incentive equivalent to two months' salary. Those who are less than two years away from retirement will receive a sum. This will be equal to the difference between their full salary and the amount of the Naspi benefit.
Eurofound (2025), Altuglas, Closure in Italy, factsheet number 203480, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/203480.
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