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.
Honeywell Aerospace Olomouc, the Czech-based manufacturer and repairer of aircraft engines, is to cut 200 jobs across all its departments, due to the effects of the COVID-19 pandemic on the aviation industry.
In order to cope with the crisis, the company offered the Czech government, in April 2020, to convert its production into personal protective equipment, with an estimated capacity of five million of pieces in four months. The project, anyway, has not yet been launched and, therefore, the management started an internal restructuring program.
According to the chairwoman of the internal trade union, redundant people across all job positions will get above-standard severance condition. In particular, those with a company seniority of more than two years, will receive a six-month salary.
Honeywell Aerospace Olomouc is a Czech branch of the US group Honeywell International Inc., a multinational conglomerate that employs approximately 130,000 people worldwide.
Eurofound (2020), Honeywell Aerospace Olomouc, Internal restructuring in Czechia, factsheet number 100772, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100772.