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.
Employing 161,310 people in 2004, Électricité de France (EDF) is Europe's largest electricity utility and supplies 22% of the European Union's power needs. The French group announced plans to cut its workforce in the next two years. According to management, about 6,000 jobs will go by replacing only 'one in three or four' of the 9,000 employees retiring until 2007. This reduction represents about 3.72% of its total workforce. Following the announcement, shares of the state-controlled energy group EDF rose above their issue price of €32 for the first time since the flotation of the company on 21 November 2005. Unions have fiercely protested against what they perceive as a financial project, expressing concerns about capital expenditure underinvestment that might impact on the security of supply of the EU power system.
Eurofound (2005), EDF Energy, Internal restructuring in France, factsheet number 62630, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62630.