Fronius

Type
Internal restructuring
Country
Austria
Region
Westösterreich; Oberösterreich; Steyr-Kirchdorf
Location of affected unit(s)
Pettenbach, Sattledt
Sector
Manufacturing
(26 - 27) Manufacture of electrical, electronic and optical products
27.1 - Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus
27.12 - Manufacture of electricity distribution and control apparatus
450 jobs
Number of planned job losses
Job loss
Announcement Date
15 July 2024
Employment effect (start)
15 July 2024
Foreseen end date

Description

Fronius, a pioneer in the solar technology sector, will lay off 650 employees this year, including 450 in Upper Austria, reducing its workforce from 8,000 to 7,000.

This restructuring plan follows an earlier reduction of 350 staff announced in June: Fronius-2024-AT. The drastic measures are attributed to an overestimation of future growth and a prolonged downturn in the market. The company is implementing a social plan and will continue to offer support through its job centre.

Fronius, based in Pettenbach and Sattledt, Austria, is a pioneer in the solar technology sector. The company is facing a severe downturn due to intensified competition and a significant drop in demand for photovoltaic systems. Fronius has also announced an EU restructuring plan recently: Fronius-2024-EU.

Sources

Citation

Eurofound (2024), Fronius, Internal restructuring in Austria, factsheet number 201490, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201490.