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 11 August 2020 the German engine manufacturer Deutz will downsize 350 jobs in Germany due to internal restructuring. Deutz has been hit hard by the COVID-19 crisis and is facing a drop in sales by 41% and drop in orders by 39%. As a consequence, Deutz has decided to cut 1,000 jobs worldwide, with the intention to save €100 million in costs annually. The programme anticipates 350 job cuts in Germany via a voluntary job reduction programme. Deutz will try to avoid compulsory redundancies and will carry them out in a socially acceptable manner.
Earlier in 2020, the company made 380 agency workers redundant.
Currently, Deutz has 4,673 employees worldwide.
Eurofound (2020), Deutz, Internal restructuring in Germany, factsheet number 101525, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101525.