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 Hessian automotive supplier Castwerk Technologies GmbH is laying off all 140 employees following the failure of its insolvency proceedings.
Castwerk initiated insolvency proceedings in March, but the company was forced to close due to a lack of investors and declining orders. All 140 remaining employees' contracts will be terminated by 31 October 2024 at the latest. Together with the Federal Labour Agency, efforts are being made to find a socially acceptable solution.
The creditors' meeting decided to close the company at a court hearing on 7 August. Employee associations have not yet commented. For over 25 years, Castwerk Technologies GmbH has been producing magnesium die castings for lightweight components.
Eurofound (2024), Castwerk Technologies, Bankruptcy in Germany, factsheet number 201465, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201465.