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.
The Norwegian ship building company Kleven Verft announced 100 job cuts in Ulsteinvik, Vestlandet. The restructuring aims to save the company from a long-term economic downturn - according to the management, if this step is not taken, the company will face bankruptcy. The restructuring has led to the establishment of the new company ‘New Kleven’, which has received support from different investors, so that yard operations can proceed until 2020. The employees reacted positively, as they know that these measures will ensure future production and employment.
The company has operated in Norway since 1939 and had about 244 employees before the downsizing.
Eurofound (2019), Kleven Verft, Internal restructuring in Norway, factsheet number 98612, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98612.