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.
TCG Unitech, a Slovenian manufacturer of aluminum alloys and tool-making facilities for on-site use, has announced that it is to cut 300 jobs by the end of 2008. The job losses are attributed to the economic downturn affecting the car manufacturing industry (Unitech’s main customer). Dismissals will be avoided and job losses will be implemented by non-renewal of fixed-term contracts and through natural decline (departures/retirement). Workers holding permanent contracts will not be affected by the restructuring. TCG Unitech is largely owned by the British Trident Components Group (TCG). The management says that further reduction of employment may be necessary if the recession continues.
As of February 2009, the reduction of orders in the range of 30% is higher than expected, therefore the employment was further reduced, i.e. by 500 people altogether.
Eurofound (2008), TCG Unitech, Internal restructuring in Slovenia, factsheet number 66512, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66512.