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.
Cooper Tire and Rubber Company, based in Melksham, Wiltshire, has announced that it intends to cease its light vehicle tyre production. As a consequence, 300 of the 732 jobs at the site will be lost. Workers have reportedly been issued with letters stating that because of the factory's size and age, it does not afford the economies of scale of other plants. There is speculation that production could be relocated to Serbia, US or China. The statutory consultation process has started with the trade unions, who have pledged to examine the business case for redundancies. A spokesperson for the Unite union commented that it would be unlikely, given the scale of the restructure, that redundancies could be achieved on a voluntary basis. It is expected that the restructure will be complete in 10 months.
Eurofound (2018), Cooper Tire and Rubber Company, Internal restructuring in United Kingdom, factsheet number 95663, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95663.