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.
Paramo, a Czech refinery based in Pardubice, is to cut 60 jobs (i.e. 10% of the staff). The owner of the plants, Unipetrol, decided to stop process crude oil because of an unfavourable financial situation in the country, low margins and weak demand for oil.
Paramo will continue to produce oil, lubricants and asphalts from semi-finished products of other refineries. The company also declared help for the laid-off employees with finding new jobs in the Pardubice region where the unemployment rate reached 7.5 % at the end of May 2012.
The timeline for the restructuring is not specified.
Eurofound (2012), Paramo, Internal restructuring in Czechia, factsheet number 73888, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73888.