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.
Voluntary severance terms of 2.5 weeks (pys), plus statutory, have been agreed between the union (SIPTU) and management at Sola Lenses, for 103 workers.
Initially, only 60 voluntary redundancies were sought at the Sola Lenses factory in Wexford, but, in the event, there was a significant over-subscription with 103 workers applying for the terms, which amount to 4.5 weeks per year of service in total. Management decided that all 103 volunteers would be accommodated and released within the next three months.
The company, which manufactures ophthalmic spectacle lenses, is to transfer manufacturing facilities to sister operations in Venezuela, Mexico and China, which have lower labour costs.
Eurofound (2004), Sola Lenses, Internal restructuring in Ireland, factsheet number 60207, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60207.