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.
Spanish electronic cables manufacturer, General Cable, plans to dismiss 290 employees (around 33% of its entire workforce in Catalonia). Dismissals will affect the plants in Abrera (128), Manlleu (140), Montcada i Reixac (10) and Barcelona (15). According to the trade union UGT, the measure must be understood within the firm's global restructuring plan.
The measure was announced to the trade unions on 26th of May. The bargaining committee made up of trade union representatives is being set up. The committee will negotiate with the company the employment adjustment and dismissal conditions (severance pay, outsourcing measures, etc.). The trade union CCOO has assessed the measure as 'non-proportional' and urged the company to withdraw the proposal. There is no information on when the employment adjustment is due to start.
Update, 10-07-2015: The company and the trade unions have reached an agreement that reduces the number of dismissals. The redundancies plan will affect 196 employees (93 fewer than what it was originally announced) at the plants in Abrera (89), Manlleu (96) and Barcelona (11). There will be no dismissals at the plant in Montcada i Reixac. The plan will also include early retirement for those aged over 57. The severance pay will be equal to 45 days per year worked. For those over 57, payments will range between 77% to 87% of their existing salary.
Eurofound (2015), General Cable, Internal restructuring in Spain, factsheet number 83624, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83624.