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.
Dayco, a world leader in the design and production of power transmission systems for cars, is to close its plant at Chivasso, in the province of Turin, with the loss of 470 jobs. According to the company, the closure is due to economic and financial crisis which is affecting the global economic system, and mainly the automotive sector.
The trade unions reacted to the company’s decision by going on strike and blockading the factory gates. At the beginning of December 2008, the company announced a new business plan that envisages a broad reorganisation of work at the Chivasso plant. Therefore, the new plan does not envisage any collective dismissals, but the recourse to the ‘ordinary’ Wages Guarantee Fund (Cassa Integrazione Guadagni, CIG) for all the workers employed at the Chivasso plant for six to nine months.
Dayco provides advanced technical solutions to the major worldwide car manufacturers, and operates worldwide. It is a part of Automotive division, the core business of the Mark IV Group. Mark IV Automotive is a leader in the development and production of complete system for power transmission, air intake and engine cooling. The Dayco European head office is in Airasca, in the province of Turin.
Eurofound (2008), Dayco, Internal restructuring in Italy, factsheet number 67357, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67357.