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 For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture Of Parts And Accessories For Motor Vehicles
2,000 jobs Number of planned job losses
Announcement Date
9 August 2024
Employment effect (start)
9 August 2024
Foreseen end date
1 August 2026
Description
The German automotive supplier IAV, a high-tech service provider to the automotive industry, will be cutting 2,000 jobs in Germany in the next two years due to a significant decline in turnover.
Over the past two years, turnover has decreased from more than 1 billion euros to around 800 million euros.
The Gifhorn site is most affected, where 600 jobs will be cut.
IAV is a subsidiary of the Volkswagen Group and the German tire manufacturer Continental AG. The automotive supplier has 7,600 employees worldwide, of which 6,200 in Germany.
Eurofound (2024), IAV, Internal restructuring in Germany, factsheet number 201549, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201549.
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