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 9 September 2010, the Chinese owned Austrian aircraft supplier FACC announced the creation of 150 new jobs by the end of 2010. The Fischer Advanced Composite Components (FACC) corporation is a leading company specialised in the development, design and manufacture of composite components and systems for civil aircraft. It recently signed a long-term supply contract with Airbus, for which FACC will build winglets for the new A350 plane series. Therefore, the company will hire between 30 and 50 new staff members in the production area and between 80 and 100 engineers by the end of 2010. In 2009, the company was bought by the Chinese company Xi'an Aircraft Industry which boosted FACC's capital from EUR 40 million to EUR 80 million and thus improved its economic performance. A migration of production to China is not planned, according to the company's CEO Mr Stephan. The company plans to double its turnover within the next three to five years to USD 700-750 Million.
Eurofound (2010), FACC, Business expansion in Austria, factsheet number 71043, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71043.