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.
ThyssenKrupp has announced the closure of its Galmed plant in Sagunto, Valencia, specialised in the production of galvanised steel. The closure will affect the whole workforce, namely 120 employees.
The significant worsening of the European automobile market and the associated reduction in the demand of galvanised steel are the main reasons behind the plans to close the manufacturing plant.
Negotiations with the workers’ representative organisations will begin in early December 2023. The company has announced that it is maintaining talks with PowerCo, a subsidiary of Volkswagen specialised in the production of battery cells, to identify employment opportunities for workers in the future, as a PowerCo battery cell gigafactory is to be established in Sagunto, and expected to initiate manufacturing activities in 2026.
Eurofound (2023), Thyssenkrupp Galmed, Closure in Spain, factsheet number 200560, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200560.