ROME – Traffic data collapsed, Autostrade per l’Italia (Aspi) is forced to resort to layoffs for about a third of its employees. The company that controls the main network in the country – with over 3,000 kilometers under management – has started negotiations with the trade union organizations: the goal is to reach the layoffs for about 1500 workers, practically a third of the total number of employees. The cash period will last 9 weeks, starting March 23rd.In the last week, vehicle traffic on the network of the Benetton family-owned company (through the subsidiary Atlantia) has fallen by 56 percent, with a peak reaching 80 per cent on Sunday. The drop in traffic obviously means a drop in revenue, at a time when Aspi is in a very complicated financial moment. For some months, Atlantia has been engaged in a difficult negotiation for the government to avoid the revocation of the concession, a consequence of the collapse of the Morandi Bridge. The negotiation includes both the revision of the tariffs and a possible step back from the Benetton family from the role of controlling shareholder of Autostrade, with the entry of some investment funds.
If the government decides to withdraw if no agreement is reached, the concession would pass transitionally to Anas: article 35 of the Milleproroghe decree provides for this. A possibility that had already alarmed investors, who penalized the Atlantia share on the stock exchange and led the rating agencies to downgrade the debt of the Benetton holding company and of Autostrade per l’Italia itself. In essence, the use of layoffs is a step to which the company has said it is forced to safeguard company accounts.The letter initiating layoffs will reach over 4,500 employees, but 1,500 will be directly involved. The decision after the publication of the Cura Italia decree, where companies are expected to resort to layoffs to remedy the drop in turnover. The company has made it known that “suspension from work will be managed in such a way as to preserve and manage the continuity of the safety controls of the entire motorway network, both with reference to the road system and the infrastructure, continuing the maintenance interventions”.
If the government decides to withdraw if no agreement is reached, the concession would pass transitionally to Anas: article 35 of the Milleproroghe decree provides for this. A possibility that had already alarmed investors, who penalized the Atlantia share on the stock exchange and led the rating agencies to downgrade the debt of the Benetton holding company and of Autostrade per l’Italia itself. In essence, the use of layoffs is a step to which the company has said it is forced to safeguard company accounts.The letter initiating layoffs will reach over 4,500 employees, but 1,500 will be directly involved. The decision after the publication of the Cura Italia decree, where companies are expected to resort to layoffs to remedy the drop in turnover. The company has made it known that “suspension from work will be managed in such a way as to preserve and manage the continuity of the safety controls of the entire motorway network, both with reference to the road system and the infrastructure, continuing the maintenance interventions”.
