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.
Engineering company Babcock has announced that it is to cut 500 jobs in Plymouth. The firm employs around 5,000 staff at the city's Devonport Dockyard primarily employed on contracts to service and maintain Royal Navy warships and submarines. The decision to cut jobs follows a twelve-month review of operations, which has concluded that the cuts are necessary in order to secure the long-term future of the business. Local MPs from both Conservative and Labour expressed their disappointment at the news, with it being noted that the figure of 500 was higher than what had been expecting. A statutory period of consultation is due to begin shortly and the timings of the job losses will be known at its outcome.
In 2017, the Group announced that 250 jobs will be made redundant after the completion of several contracts.
Eurofound (2018), Babcock, Internal restructuring in United Kingdom, factsheet number 93791, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93791.