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.
Doosan IMGB, a South-Korean company manufactruring heavy cast and forged components for power generation, nuclear industry, metallurgical cement and mining, shipbuilding and general machinery fields announced a restructuring of 400 jobs in 2020. The job cuts will start to be implemented as of 1 January 2020. The restructuring process is due to the different commercial and economic constraints.
The Board of Directors will be empowered to prepare a closure/reorganisation plan, as well as to negotiate termination of employment contracts, either by agreement of the parties or by dismissal, under the best conditions for society and within the limits of available financial resources.
At the beginning of December 2019, more than 100 employees protested against the imminent closure and regarding issues related to the employment contracts — for example if the Christmas bonus will be offered or not; in case of offer it will be taxed at 42%.
The trade union has not provided any reactions immediately after the announcement made by the company.
Doosan has some 39,000 employees working in 38 countries.
Eurofound (2019), Doosan IMGB, Internal restructuring in Romania, factsheet number 99606, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99606.