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 Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.12 - Manufacture Of Electricity Distribution And Control Apparatus
350 jobs Number of planned job losses
Announcement Date
4 June 2024
Employment effect (start)
4 June 2024
Foreseen end date
Description
Fronius, a technology company based in Pettenbach, Upper Austria, is set to lay off 350 employees due to the ongoing solar crisis and persistently weak sales in its Solar Energy business unit. This decision primarily impacts the Sattledt location.
Previously, Fronius had reduced shifts and let go of temporary workers in late 2023, introducing short-time work for 1,300 solar production employees in 2024. According to CEO Elisabeth Engelbrechtsmüller-Strauß, the market situation worsened in the first two quarters of 2024. She expects no further layoffs after these 350 cuts.
Following supply chain issues and a PV boom, Fronius invested €420 million in expanding production lines in 2022 and 2023, hiring 2,000 new employees.
In 2023, the company achieved revenues of €1.6 billion and employed around 8,000 people.
Eurofound (2024), Fronius, Internal restructuring in Austria, factsheet number 201342, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201342.
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.
