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 29 September 2020, the German industrial group Thyssen-Krupp will be cutting approximately 500 jobs in Germany due to internal restructuring. Affected by the job reductions areThyssen-Krupp’s automotive supply branch which will be divided into two independent business units. Thyssen-Krupp expects its production to recover in two to three years, making changes in the company’s structure necessary. Affected sites include plants in Saxony, Bremen, Baden-Württemberg, Hesse and Saarland. Management, works’ council and IG Metall will start negotiations regarding a social plan shortly.
Overall, Thyssen-Krupp intends to cut 800 jobs worldwide in its automotive supply branch.
Currently, Thyssen-Krupp has 3,200 employees in its automotive supply branch.
Eurofound (2020), Thyssen-Krupp, Internal restructuring in Germany, factsheet number 102009, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102009.