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 Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21.10 - Manufacture of basic pharmaceutical products
100 jobs Number of planned job losses
Announcement Date
18 January 2017
Employment effect (start)
18 January 2017
Foreseen end date
31 December 2017
Description
On 18 January 2017, Cordem Biochem, a subsidiary of the International Chemical Investors Group (ICIG), announced to cut 100 out of 145 jobs in Germany in 2017. Affected is the site in Höchst, near Frankfurt , which produces a primary product for antibiotics.
The site has been struggling over the last years due to the high competition from the Asian market. From 1998 to 2016, the site was owned by Sandoz. In 2015, Sandoz announced to close the site in Höchst, see (Sandoz, 2015). At this time, about 300 employees were working at the site near Frankfurt.
Due to protests from employees after the announcement, Sandoz decided to sell the site instead of closing it down. In February 2016, ICIG took over the site and accepted to save at least 118 jobs until 2018. For these measures and other severance payments, Sandoz paid an estimated €90 million to ICIG. After the acquisition, ICIG reduced the amount of positions from 300 to 145 jobs. Now ICIG Management has to negotiate with the works' council and Sandoz Management.
ICIG currently employs around 6,000 employees worldwide.
Sources
18 January 2017: Frankfurter Allgemeine Zeitung
18 January 2017: wallstreet-online.de
Citation
Eurofound (2017), Corden Biochem, Internal restructuring in Germany, factsheet number 90270, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90270.
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