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.
The 320 job losses at Allergan - a one third cut in the workforce - did not come as a surprise locally as redundancies had been flagged for some time due to the sale of the company's medical device business to Advanced Medical Optics (AMO) in January 2002. The contact lens solutions market has been deregulated in recent years, which means it has become more of a commodity, low-margin, product. All remaining work at the plant will be in high value-added pharmaceuticals. Talks on redundancy terms have commenced between management and trade union representatives. Severance settlements in the pharmaceutical industry tend to be at the higher end of the spectrum.
Eurofound (2004), Allergan, Internal restructuring in Ireland, factsheet number 60720, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60720.