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.
Portuguese media holding group Controlinveste Conteúdos is to cut 160 jobs. As reported the plan envisages 140 collective dismissals and 20 job cuts by means of termination by mutual agreement of the parties. Of the total 160 job cuts, 64 refer to journalists. According to the company, the poor financial results of this sector and of the group in particular is the main reason for the restructuring. The company plans to relocate parts of the production of coal power plant pumps from Frankenthal to Shanghai. In addition, the production of submersible motor pumps will be relocated from Homburg to Frankenthal.
As reported, workers have already started receiving letters of notification of dismissal and the restructuring will affect particularly the newspapers Diário de Noticias and Jornal de Notícias; the communication agency Global Imagens and the radio TSF. The Union of Journalists is trying to negotiate with the company other cost-cutting options to avoid redundancies.
Eurofound (2014), Controlinveste Conteúdos, Internal restructuring in Portugal, factsheet number 77187, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77187.