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
450 jobs Number of planned job losses
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.
Eurofound (2024), Fronius, Internal restructuring in Austria, factsheet number 201490, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201490.
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