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.
Stainless steel manufacturing company Acerinox announced a labour force adjustment for its site in Los Barrios (Cádiz). The company submitted to the works council a proposal that is planned to affect 330 workers, that is 15.69% of the existing workforce. The company argues that the restructuring is necessary to reduce labour costs, to adjust production costs and to compensate for the increase in wages in light of the new collective agreement. The measure is planned to be implemented with early retirement and voluntary redundancy schemes.
The announcement comes after the establishment in Los Barrios suffered a production drop due to the economic uncertainty of the steel sector worldwide.
Updated, 10/09/2019:
The company announced to the works council of its plant the implementation of a laborforce adjusment plan that will affect 300 workers, 30 less than the number announced in July. Trade unions reiterate that they will only accept early retirement as adjustment measures.
Updated, 11/10/2019:
Employee representatives and the company have reached a pre-agreement reducing the initial collective dismissal plan to 240 affected employees. The plan includes an early retirement scheme for employees with 58 years of age or more and a voluntary redundancy scheme for the rest of affected employees.
Updated, 15/11/2019:
Employee representatives and the company reached an agreement reducing the overall number of redundancies for the collective dismissal plan to 215 affected employees. Among these, 183 employees are expected to access an early retirement scheme.
Eurofound (2019), Acerinox, Internal restructuring in Spain, factsheet number 98212, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98212.