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.
Port operator Oil Terminal announced its intention to dismiss a third of its workforce in 2015. As reported, the job reduction measure aims at improved profitability by reducing personnel costs and total expenditures. The company has 1,040 employees and intends to remain with a total workforce of 700 people in 2015.
The organisation is specialised in the transport and handling of oil. Over the last ten years, there was a 70pc decrease in the volume of oil and finished products handled in the port of Constanta oil terminal. At the moment, personnel costs represent more than half of exploitation costs, according to the sources. Oil Terminal is a state majority joint stock company.
Eurofound (2014), Oil Terminal, Internal restructuring in Romania, factsheet number 77966, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77966.