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.
Lenzing AG, an Austrian fiber production company located in Upper Austria plans to cut 500 jobs worldwide, 250 of which are to be cut at two locations in Austria, Lenzing and Heiligenkreuz.
The company claims that high costs for energy and raw materials as well as weak demand are the main reasons for the planned job cuts to help the company to return to profit. Negotiations are currently taking place with the works council and a social plan is being prepared. The speaker of the works council says that the negotiations just started and that there are still hopes for a better result.
Lenzing, headquartered in Upper Austria, is one of the world's leading producers of textile fibers with sites in Europe, the USA, Brazil and Southeast Asia. The worldwide restructuring plan of Lenzing has been recorded in the ERM events database Lenzing-2023-WO.
Eurofound (2023), Lenzing, Internal restructuring in Austria, factsheet number 200615, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200615.