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.
Baked beans and ketchup maker Heinz is to cut 8% of its global workforce to free up cash for marketing and developing more than 100 new products. The Pittsburgh-based firm will shed about 2,700 jobs and close 15 factories in 2007 with five more at risk in 2008. It will also cut $145m (£78m) from what it spends securing premium shelf space and other in-store benefits. Heinz said four European plants would close with a loss of 600 jobs, but did not disclose which would be affected. The details of the cutbacks would be reviewed over the next few months and discussed with employees, said Heinz spokesman Michael Mullen. All job cuts would be fully implemented by April 2007, he added. The company expects to increase advertising and marketing spend by 18.7% as part of the overhaul.
Eurofound (2006), Heinz, Internal restructuring in World, factsheet number 63592, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63592.