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.
US-owned Molex, a manufacturer of fibreoptic connectors, has announced 100 redundancies at its plant in Shannon, County Clare. The company currently employs 450 at the Irish plant. Management has offered a redundancy package worth six weeks pay for each year of service with the company, inclusive of statutory entitlement.
The parent company has engaged in a restructuring exercise in the US and in its overseas subsidiaries. The company has referred to a drop in demand and reduced profits. It is understood the remaining workforce at the County Clare plant will be requested to take a pay cut.
Eurofound (2009), Molex, Internal restructuring in Ireland, factsheet number 68307, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68307.