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 Other Transport Equipment 30.3 - Manufacture of air and spacecraft and related machinery
650 - 700 jobs Number of planned job losses
Announcement Date
18 September 2020
Employment effect (start)
1 October 2020
Foreseen end date
Description
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102097.
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