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.
Manufacturing Manufacturing Of Furniture And Other Manufacturing Manufacture Of Furniture 31.03 - Manufacture of mattresses
215 jobs Number of planned job losses
Announcement Date
24 May 2016
Employment effect (start)
1 June 2016
Foreseen end date
30 September 2016
Description
Competition to take over French bedding and sofa manufacturing giant Cauval Industries was steep, but the Commercial Court of Meaux accepted the offer of investment funds made by the company Perceva, as its bid included the preservation of the majority of jobs attached to the company. The new owner will retain 1,445 employees out of the current workforce of 1,660. About 215 employees will therefore be dismissed. Perceva will also maintain 7 plants out of a total of 8. A sofa manufacturing site which is currently home to one hundred employees will be closed. Perceva received the support of an overwhelming majority of the group's works council who voted in favour of its offer. According to the secretary of the Group works’ council, “this is very good news” as the company will only lose 215 jobs, “whereas, given the state of the group, it could have been half”. Cauval had a turnover of 214 million in 2015 with an estimated loss of 24 million. The new owner wants to increase the turnover by about 20% over the next four years.
Sources
24 May 2016: L'Est Eclair
23 May 2016: Les Echos
Citation
Eurofound (2016), Cauval Industries, Merger/Acquisition in France, factsheet number 87563, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87563.
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