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 decision to close the French-owned Sanofi-Aventis plant in Waterford follows a review of global operations which will also see plant closures and disposals in Slovakia, Portugal, Spain and Italy. The pharmaceutical company blamed declining sales across Europe, excess manufacturing capacity, increased competition from generic products and "pressure from health authorities in a number of countries to reduce the prices paid for drugs". Production in Waterford of capsules to treat liver disease and gels and ointments to treat microbial conditions, will be transferred to plants in France and Germany. However, Michael McGrath, general manager, said Sanofi-Aventis "remains committed to Ireland" and plans to retain its commercial operations division which employs 140 people at Citywest in Dublin. Mr McGrath said the decision "in no way reflects on employee performance" but was a strategic decision.
Eurofound (2007), Sanofi-Aventis, Offshoring/Delocalisation in Ireland, factsheet number 65102, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65102.