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 17 October 2023, the German specialty chemicals company Lanxess will be cutting 460 jobs in Germany due to internal restructuring.
The background of the restructuring plan is the goal of Lanxess to become more efficient and save costs of about €150 million annually. The type of jobs to be cut are especially those in the administration of Lanxess. There is no timetable on the job reductions available, however, Lanxess intends to implement its restructuring plan as quick as possible. Lanxess’ facilities at Cologne, Leverkusen, Uerdingen and Mannheim are set to be especially affected by the restructuring plan.
The job reductions are part of a worldwide restructuring programme which will affect 870 out of 13,000 employees.
Eurofound (2023), Lanxess, Internal restructuring in Germany, factsheet number 200408, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200408.