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.
Manufacturer Landis+Gyr has announced plans to cut 288 jobs from its factory in Stockport, Greater Manchester. The site which employs around 600 workers manufactures electricity and gas meters for British Gas. The vast majority of the losses will be manual roles, with 19 technical roles, two managerial roles and one professional role set to be lost. The company has blamed the decision to leave the EU as the reason for the proposed redundancies, citing that production costs have increased by 20% since the 2016 referendum. The company said it might move production offshore to Romania and Asia, where unit costs are cheaper, though this has not been confirmed. A consultation on the proposed job cuts is expected to be complete in April 2018.
Eurofound (2018), Landis+Gyr, Internal restructuring in United Kingdom, factsheet number 93640, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93640.