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.
Italian aircraft manufacturer Piaggio Aerospace (previously named Piaggio Aero Industries) announced its intention to dismiss 440 workers. According to the plan, the company is to discontinue the production of passenger aircraft, which no longer generates profits. The plan involves outsourcing the motor production and civil customer service activities to other entities, which could lead to the cuts of 350 jobs from the motor production unit in Villanova and about 90 jobs from the civil customer service unit in Genoa.
As a result, 132 workers who currently benefit from the Wages Guarantee Fund (see Piaggio Aero IndustriesIT-2014) are to lose their job. Another 500 blue-collar workers employed in the manufacturing of engines for passenger aircraft may be transferred to potential buyers.
After the unions accused the company of withdrawing from its previous commitments, the management temporarily froze the collective dismissal procedure, accepting to discuss the plan without strictly adhering to the deadlines set out by regulations on collective dismissals.
Eurofound (2016), Piaggio Aerospace, Outsourcing in Italy, factsheet number 88610, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88610.