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.
FACC, a manufacturer of advanced aircraft components, has announced the cuts of 650 to 700 jobs (in a 'worst-case-scenario'). The majority of the job cuts will affect employees in production in Ried, Upper Austria and about a fifth, administrative staff.
Prior to the job cuts, the company has made use of short-term work agreements until the end of September. FACC has reported a decline in turnover of a more than a quarter and a loss of € 41 million for the first half-year of 2020, caused by the effects of the COVID-19 crisis on the aviation industry.
A union representative stated that a social plan had been introduced, with special types of support for people with children and for older workers. Additionally, a hardship fund has been set up.
Eurofound (2020), FACC, Internal restructuring in Austria, factsheet number 102097, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102097.