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.
Aberdeen based energy company Hydrasun has announced that it intends to cut up to 97 jobs. The company which supplies products to the offshore oil and gas industry has made the announcement following the recent downturn in that sector. The company currently employs 592 staff, of which 338 are based at the Aberdeen headquarters. It is also being reported that pay cuts of up to 12% are being considered among a range of options to try to reduce the need for redundancies. Hydrasun’s chief executive has stated that he hopes that the final number of job losses will be much smaller than 97. The consultation is due to be completed by the end of October.
Eurofound (2015), Hydrasun, Internal restructuring in United Kingdom, factsheet number 85132, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85132.