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 16 October 2020, the French automotive supplier Valeo will be cutting 150 jobs at its plant in Friedrichsdorf due to internal restructuring. The step comes as a bit of a surprise because Valeo had previously announced that it will not be cutting any jobs on its home market in France. Nevertheless, Valeo – like other automotive suppliers has been hit hard by the COVID-19 crisis and is facing losses of €1.2 billion for the first half of 2020.
As of today, there is only little information on the job reduction available, however, negotiations between management, trade union and works council will start shortly, after which there will be more clarity on further proceedings.
Valeo has 600 employees in Friedrichsdorf and 8,000 employees in total at eight sites in Germany.
Eurofound (2020), Valeo, Internal restructuring in Germany, factsheet number 102192, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102192.