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.
Siemens Subsea, which manufactures components used in the oil and gas industry, has announced that it is to cut 36 jobs from its site in Ulverston, Cumbria. The move follows the recent downturn in the oil and gas industry and forms part of a larger restructure to the company's global business with cuts being proposed in the USA, Norway and Brazil. The site at Ulverston currently employs 277 workers and had previously undertaken steps to reduce costs in 2016. However, because of the continued problems within the industry, these further measures are now being taken. The company has said that it hopes to avoid compulsory redundancies and it will be operating a voluntary severance scheme. The changes are expected to be complete by the end of October 2017.
Eurofound (2017), Siemens Subsea, Internal restructuring in United Kingdom, factsheet number 90981, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90981.