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.
The Austrian textile fibers and plastics manufacturer Lenzing has announced that it will lay off about 500 employees from its global workforce. The restructuring programme will affect all of the company’s locations.
The decision came after the company reported a widened third-quarter net loss related to a drop in demand which has affected the textile sector. Under the savings programme, the company expects to reduce personnel costs by up to €30 million. The implementation of the plan is expected to begin in the first quarter of 2024.
In Austria, 250 positions will be affected. The company has negotiated with the local trade unions and works councils to implement socially responsible redundancy programmes.
Lenzing group employs over 8,000 staff members worldwide. Its production facilities are located in Austria, Brazil, China, Indonesia and Thailand.
Eurofound (2023), Lenzing, Internal restructuring in World, factsheet number 200595, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200595.