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.
LFoundry, a manufacturer of image sensor owned for its majority by Semiconductor Manufacturing International Corporation (SMIC), is to hire 100 workers at the plant in Avezzano over the next two years.
About four years ago, the closure of the plant, at that time owned by Micron Technologies, was avoided with the joint acquisition by the competitor LFoundry and Marsica Innovation Technology, a society created by a former manager of the site. The transition was supported by the activation of "social shock absorbers".
In August 2016, SMIC acquired 70% of the company. As for the recently disclosed plan, the group is to bring back the plant to its full productive capacity and invest about €69 million in new machineries and equipment. Solidarity contracts covering the 1,496 employees of the plant have already been discontinued.
Unions welcomed the positive news, deeming the new plan as an opportunity to relaunch the production site.
Eurofound (2016), LFoundry, Business expansion in Italy, factsheet number 89084, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89084.