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 German automotive supplier Preh has announced 420 job cuts at its headquarters in Bad Neustadt, Bavaria.
According to the company, the reason for this is to ensure competitiveness. Due to the difficult market situation in the automotive industry and its suppliers, the job cuts are unavoidable as per Preh. It is stated that the Bad Neustadt site has been making losses for five years. The 420 job cuts will affect all areas and functions of the company and are to be implemented by the end of 2024. The aim is to implement the measures as socially responsible as possible in close consultation with the works council.
Trade union IG Metall Schweinfurt has announced its opposition. First authorised representative Thomas Höhn points out the immense challenge facing the region.
Preh is part of the Chinese Joyson Group, employs around 7400 people worldwide and generated a turnover of €1.7 billion last year.
Eurofound (2024), Preh, Internal restructuring in Germany, factsheet number 201313, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201313.