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.
First Solar, an American renewable energy company, will close its manufacturing plant in Frankfurt (Germany) by the end of 2012 and plans to halt work on four production lines in Malaysia. The restructuring will involve the loss of 2,000 jobs. The bulk of the restructuring costs - reported as being $280m - relate to the Frankfurt closure.
The company says it is responding to deteriorating market conditions, caused by both an oversupply of solar panels and by cuts in government subsidies for solar panels in Europe.
Eurofound (2012), First Solar, Internal restructuring in World, factsheet number 73445, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73445.