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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
7,500 jobs Number of planned job losses
Announcement Date
29 May 2020
Employment effect (start)
29 May 2020
Foreseen end date
29 May 2025
Description
As announced on 29 May 2020, the German automotive parts manufacturer and supplier ZF Friedrichshafen will cut approximately 7,500 jobs in Germany (12,000 to 15,000 jobs worldwide) within the next 5 years due to inevitable restructuring. As the demand has plummeted in the first half of 2020 (expected drop in sales of €8 billion), mainly due to the COVID-19 crisis, ZF Friedrichshafen is facing significant financial burdens. The announcement was a surprise to the employees and the works council. The chief manager explained that he will try to save as many jobs as possible.
Negotiations between management, IG Metall and works council will start shortly. As of today, there is no information on the location of the job reduction.
ZF Friedrichshafen has 148,000 employees worldwide.
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The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
