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.
Industrial group Stork announced on 15 September 2006 that it will cut 215 jobs at the Aerospace division. The reasons for this are both the delay in the production schemes for airplanes like the Airbus 380 and the wish to become more competitive. The reorganisation will hit three locations: 185 jobs in Hoogeveen and Papendrecht and 30 in Geldrop. The estimated result of the measures will be a reduction in costs of some 25 million euro. Since the beginning of 2006 Stork already scrapped 110 temporary jobs.
The Stork group recently came under attack from two hedge funds (Centaurus and Paulson) that demand the splitting up of the Stork Group by selling the Technical Services and Food Systems divisions and keeping only the Aerospace division.
Eurofound (2006), Stork Aerospace Industries, Internal restructuring in Netherlands, factsheet number 64085, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64085.