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 part of a global restructuring involving 4000 employees, Dutch multinational electronics manufacturer Philips announced 800 job cuts in the Netherlands. There are two main reasons behind the announced job cuts. Firstly, their apnea and respiratory equipment can cause health problems in patients and high claim costs are expected, and secondly, they are currently facing a worldwide shortage of parts. Cost increases due to high inflation and the war in Ukraine are cited as also playing a role.
The job cuts consist of 400 forced dismissals. The other 400 job cuts will be realised through a non-renewal of temporary employment contracts and natural attrition. It is mainly staff positions which are planned to be cut.
Unions have expressed their concern. Trade union CNV Vakmensen is worried about a potential increase of work pressure at the company, as the same workload would have to be managed by fewer people.
Eurofound (2022), Philips, Internal restructuring in Netherlands, factsheet number 107642, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107642.