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.
As announced on 27. February 2020, the pneumatic components and systems manufacturer Aventics will cut 250 jobs at its plant in Laatzen. The job cuts will be carried out before September 2022 and are due to internal restructuring. Early this week, the trade union IG Metall (German Metalworkers’ Union) and works council were informed of the company’s plans. While management refused to comment, the head of the works council criticised the company’s decision to be ‘wrong from a human perspective as well as from an economic point of view.’ According to IG Metall, the job reduction is the result of structural changes on the international automotive market.
Aventics has 560 employees at its plant in Laatzen, Hannover.
Update 10/07/2020: As announced on 10 June 2020, Aventics agreed to reduce the number of job cuts from 250 to 165. This decision will save 85 jobs. Management, IG Metall and works council were able further agree to forgo compulsory redundancies. The restructuring will be gradually carried out until 2025 and will be implemented via partial-retirement programmes and voluntary leaves programmes.
Eurofound (2020), Aventics, Internal restructuring in Germany, factsheet number 100066, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100066.