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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.30 - Manufacture Of Agricultural And Forestry Machinery
600 jobs Number of planned job losses
Announcement Date
7 November 2023
Employment effect (start)
7 November 2023
Foreseen end date
31 December 2024
Description
The German woodworking machinery manufacturer Homag has announced that it will cut 600 jobs worldwide until the end of 2024. In Germany, measure will affect 350 positions.
The company decided to implement the worldwide restructuring programme to rationalize business processes and improve financial efficiency. Homag estimates the programme will bring savings of €25 million in 2024, and from 2025 onwards approximately €50 million annually.
In Germany, the cuts will be done via a voluntary programme and early retirement programmes.
The Homag Group is the world's leading provider of integrated solutions for production in the woodworking industry and woodworking shops. Currently, Homag employs 7,500 people worldwide. Its facilities are located in Europe, Asia, North America, Australia, New Zeeland.
The restructuring event in Germany has been recorded in the ERM events database [Homag-2023-DE]
Eurofound (2023), Homag, Internal restructuring in World, factsheet number 200578, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200578.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
