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.
Japanese-owned Yazaki Wiring Technologies, which produces bunched cables for the automotive industry, is reported to be cutting jobs in its plant in Michalovce, Slovakia. According to available information, about 600 workers will be made redundant by September 2017. However, there are concerns that the restructuring may affect around 1,000 jobs at the factory. The redundancies are attributed to step-by-step offshoring of the company's production in Slovakia to Romania, where the group employs more than 4,500 people in three factories in Craiova, Arad and Plojest. In March 2017, the factory in Michalovce had 2,600 employees compared to the current 2,550 staff, suggesting that the reduction in staff has been underway for some time. Due to a lower amount of orders, the company's revenues fell by around 25% down to €85.8 million between 2015 and 2016.
Eurofound (2017), Yazaki Wiring Technologies, Offshoring/Delocalisation in Slovakia, factsheet number 91788, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91788.