Type
Internal restructuring
Country
Germany
Region
Baden-Württemberg; Stuttgart; Heilbronn
Location of affected unit(s)
Schwaigern
Sector
Manufacturing
Manufacture Of Computer, Electrical Electronic And Optical Products
Manufacture Of Electrical Equipment
27 - Manufacture Of Electrical Equipment

150 jobs
Number of planned job losses
Job loss
Announcement Date
12 December 2024
Employment effect (start)
Foreseen end date
31 December 2024

Description

iwis mechatronics announced to cut 150 job by the end of 2024. The company manufactures components for electrical cars.

The company had announced plans for internal restructuring on 11 October 2024 but ended up filing for insolvency later that same month. Already throughout 2024, the company has released 90 employees. By December 2024, the company stated that it wants to restructure through the insolvency procedure.

Job cuts are necessary as the company's market situation has deteriorated throughout the last couple of years. A slowing demand for its products but also increased energy prices and higher labour costs are made responsible for the high-cost pressure.

iwis mechatronics has offered the 150 affected employees to transfer to a so-called "transfer agency" for half a year. The agency supports released employees with finding a new position.


Sources

Citation

Eurofound (2024), iwis mechatronics, Internal restructuring in Germany, factsheet number 202197, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202197.