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.
Vald Birn is active in iron casting in Denmark and primarily supplies the auto industry. The company has experienced lower demand due to the Corona-crisis and has laid off 120 employees. Despite state funded salary compensation for 140 employees, the company expects lower demand in the future and the yearly turnover in 2020 to be 33 per cent lower than 2019. Since the state funded compensation will not continue, the company has decided to restructure, so the number of employees reflects the lower demand for parts. The auto industry in Sweden and Germany are affected by the Corona-crisis and this also affects Vald Birn as truck producers in these two countries account for 60% of the Danish company's production.
Eurofound (2020), Vald Birn, Internal restructuring in Denmark, factsheet number 101160, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101160.