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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.32 - Manufacture Of Other Parts And Accessories For Motor Vehicles
178 jobs Number of planned job losses
Announcement Date
27 October 2023
Employment effect (start)
30 October 2023
Foreseen end date
31 December 2023
Description
The Saint-Etienne Commercial Court has announced the compulsory liquidation of ZF PWK Mécacentre, leading to the redundancy of its 178 employees. The plant specialises in the manufacture of parts for the automotive industry (steering and wheel ball joints), in particular front axles for German carmakers. This subsidiary of the German group ZF Friedrichshafen was placed in receivership in July. At the beginning of October, the liquidator announced the withdrawal of the offer from a potential buyer.
The trade unions occupied the plant, demanding for €40,000 per employee plus €2,000 per year of service. For a total package of just under €14 million, compared with the German management's offer of €5 million. After 22 days of strike the trade unions and the employer agreed on a €7 million budget of compensation.
Eurofound (2023), ZF PWK Mécacentre, Bankruptcy in France, factsheet number 200413, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200413.
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