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.
Orlen Lietuva, the sole petroleum refining company in the Baltic States is to dismiss 100 employees. As reported the job reduction measure is due to the deteriorating financial situation of the company. In 2013, Orlen Lietuva reported a net loss of USD 94 million and currently is working on a contingency plan in cooperation with its sole shareholder. In the recent years, Orlen Lietuva has taken a number of optimisation measures, including measures designed to improve the efficiency of production and sales and to optimise costs and employment. However, according to the management, there is an urgent need for certain decisions to be made by both the Lithuanian authorities and other state entities that will allow the Mazeikiai refinery to continue its activities. Currently the company employs 1,541 employees. The timeline for the restructuring plans is not yet available.
For a previous restructuring event see Orlen Lietuva-2009.
Eurofound (2014), Orlen Lietuva, Internal restructuring in Lithuania, factsheet number 76853, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76853.