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.
Automotive supplier AVL has announced 220 job cuts in Graz by the end of the year. At the production site in Graz, half of the 4,000 employees are currently on short-time work.
After a period of steady growth and the recruitment of 300 new employees last year, the current COVID-19 crisis has led to declining orders from the automobile industry. Despite the short-time work agreements, a reduction of overtime and a voluntary salary waiver by the management, the job cuts are still deemed necessary.
On a global scale, AVL had 11,500 employees and a turnover of €1.97 billion in 2019.
Eurofound (2020), AVL, Internal restructuring in Austria, factsheet number 102098, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102098.