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.
On 15 October 2008, Tessival, one of the leading European companies in the textile sector, announced the closure of its plant located at Fiorano al Serio, with the consequent loss of 150 jobs (out of 218). In March 2008, Tessival announced the loss of 120 jobs at its plant at Fiorano al Serio. The job cuts will affect workers employed in the power-loom weaving facility. According to the company, the restructuring plan is mainly due to aggressive competition from low labour-cost countries, especially China. The company and the trade unions planned some meetings in order to elaborate adequate initiatives to reduce the social effects of the redundancies envisaged by the restructuring plan, guaranteeing different measures to support the redundant personnel during spells of unemployment, with a view to find a new job. According to the company, the closure is due to the increasing global competition in the textile market. The company will ask the government for recourse to the “extraordinary” Wages Guarantee Fund for two years. Tessival has eight manufacturing units in Italy with a total workforce of around 1,000 employees. It is headquartered in Azzano San Paolo, in the province of Bergamo.
The authorities had previously applied for aid from the European Globalisation Adjustment Fund (EGF).
Eurofound (2008), Tessival, Internal restructuring in Italy, factsheet number 66372, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66372.