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.
Bristol-Myers Squibb, a multi-national pharmaceutical group, has announced that it is to cut 4,300 jobs worldwide by the end of 2011. As of December 2007, there is no precise information on the locations that the job losses will affect. Management at the group attribute the decision to the need to enhance its efficiency and competitiveness and to substantially improve its cost base. The restructuring plan has several specific aims, two of which are to reduce the group’s manufacturing facilities by more than 50 per cent by the end of 2010, and to reduce the group’s global workforce by approximately 10 per cent between 2007 and 2010. Bristol-Myers employs 43,000 internationally.
Eurofound (2007), Bristol Myers Squibb, Internal restructuring in World, factsheet number 66089, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66089.