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.
On 15 October, the Commercial Court of Grenoble has pronounced the judicial liquidation of the automotive equipment manufacturer Sintertech which resulted in the loss of 280 positions. The three French sites of the company will be closed by the end of the month: two in Isère at Veurey and Pont-de-Claix, which employ about 210 people in total, and one in the Pyrénées-Atlantiques at Oloron-Sainte-Marie, where 73 people are employed.
No bid has been submitted to take over this company, which is specialised in powder metallurgy and the manufacture of automotive mechanical parts. Sintertech is a new victim of the Diesel crisis. When the company was in difficulty back in 2013, it had been bought for the symbolic sum of €1 by the American group Federal Mogul and underwenet a series of restructurings. Despite a technology that is unique in France, 'Sintertech is unfortunately one of many examples of countries' deindustrialisation', said a CGT trade union delegate.
Eurofound (2019), Sintertech, Bankruptcy in France, factsheet number 98885, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98885.