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
900 jobs Number of planned job losses
Announcement Date
28 July 2020
Employment effect (start)
28 July 2020
Foreseen end date
31 December 2023
Description
As announced on 28 July 2020, the automotive parts supplier Hella will cut approximately 900 jobs at its headquarters in Lippstadt until the end of 2023. According to management, Hella has been hit hard by the COVID-19 crisis making structural changes inevitable. Hella will try to implement the job reduction as socially acceptable as possible. Mainly affected will be units administration and development. Although Hella expects the costs of the restructuring measure to be around €240 million, the company will be saving €120 million in costs annually from 2022 onwards.
29 July 2020: Westfälischer Anzeiger (online) (www.wa.de)
Citation
Eurofound (2020), Hella, Internal restructuring in Germany, factsheet number 101345, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101345.
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