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.
Wallbox is a smart electric vehicle charging and energy management provider which designs, manufactures and distributes electric vehicle charging technologies. Wallbox has announced last 19th January an Employment Restructuring plan (ERE) to lay-off 15% of their employees (approximately 210 employees), where the majority of them will be those located in Spain, particularly in the Barcelona headquarters.
Wallbox has been forced to implement this measure due to the crisis in the automotive sector. Shortages of microchips and global supply logistics problems have slowed down deliveries of electric vehicles and, in the face of this delay, Wallbox has suffered a drop in orders and thus revenue. The company expects with this measure to generate savings of EUR 50mn (USD 54.21mn) annually and therefore make match its cost structure with 2023 sales forecast.
The company foresees to initiate the restructuring negotiation process with employees’ representatives next 6th February, which implies that the final number of lay-offs might be different from that initially planned.
Eurofound (2023), Wallbox, Internal restructuring in Spain, factsheet number 108237, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108237.