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.
Italcardano, an Italian manufacturer of driveshaft, is to cut 150 jobs at its plant located in Crescentino, in the province of Vercelli. The company has announced a reorganisation plan mainly due to the negative effects of the economic crisis. In the last year, the Ministry of Labour has already approved the recourse to 'extraordinary' Wages Guarantee Fund for the workers employed by the Italcardano.
In order to avoid the layoffs, the trade unions have required to the company the recourse to another social shock absorber, i.e. the job-security agreements.
Italcardano produces driveshaft and develop assembly activities for several carmakers. In the Crescentino plant the company has 470 employees.
Eurofound (2010), Italcardano, Internal restructuring in Italy, factsheet number 70386, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70386.