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.
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale Of Household Goods 46.46 - Wholesale of pharmaceutical goods
75 jobs Number of planned job losses
Announcement Date
10 May 2016
Employment effect (start)
1 June 2016
Foreseen end date
1 July 2016
Description
Sorin, a manufacturer of electrophysiology and cardiac rhythm management systems, is to cut 60 jobs at its site located in Clamard (Haut-de-Seine) and to close a R&D site in Meylan (Isère), which employs 15 people. The reorganisation will lead to a total of 75 job cuts out of a total of 465 positions currently available within the company. The reorganisation of Sorin was announced in March, five months after the US based company Cyberonics took over the company. Management highlighted that Sorins’ annual turnover has been steadily decreasing over the past four years and that the company has to deal with steep competition in France, usually from larger firms. Therefore, the company has decided to reduce expenses, and will decrease its budgetary allowance for R&D from 25% to 17% of annual turnover. Following the announcement in March, the management signed an agreement with the two main unions (CFE-CGC and CFDT) which detailed a plan to focus on voluntary redundancies. The option to accept such redundancies will become available at the start of June and will remain open for four weeks. The company is being assisted by a consulting firm, BPI, which helps to provide supports and services to employees seeking a new job.
Sources
10 May 2016: Le Parisien
Citation
Eurofound (2016), Sorin, Internal restructuring in France, factsheet number 87481, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87481.
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