Eurotunnel

Type
Internal restructuring
Country
European Union
Region
Location of affected unit(s)
UK and France
Sector
Transportation / Storage
Land, Water And Air Transportation
Land Transport And Transport Via Pipelines
49 - Land transport and transport via pipelines
900 jobs
Number of planned job losses
Job loss
Announcement Date
20 October 2005
Employment effect (start)
Foreseen end date
31 August 2006

Description

Eurotunnel is cutting 900 jobs under its voluntary redundancy programme. The job cuts, expected to be completed by summer 2006, will reduce the company's workforce to some 2,300, just above the staffing levels when it first opened in 1994. The reductions will be split roughly equally between Britain and France. The chairman and chief executive, Jacques Gounon, said: 'we need a company that is more flexible, more reactive to our markets and more in tune to the needs of our clients.' Eurotunnel is in talks with its creditors over £6 billion of debt.

Sources

  • 21 October 2005: The Guardian

Citation

Eurofound (2005), Eurotunnel, Internal restructuring in European Union, factsheet number 62421, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62421.