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.
On 23 August 2006, the Grohe group, a producer of bathroom fittings, announced its intention to cut about 770 jobs in Germany in 2006. There is no information avalaible about the locations that will be affected by the job cuts. Job cutting measures form part of a restructuring programme Grohe started in 2005 after the group was bought by the private equity firm Texas Pacifc Group (TPG) and Grohe was made to carry the interest rates of those debts that TPG had contracted in order to pay for the Grohe acquisition. Restructuring plans comprise the reduction of costs by 150 million until 2008 and bringing down Grohes German workforce to stand at 3,200. By December 2005, the company employed a German workforce of 3,800, according to the company's web site.
Eurofound (2006), Grohe, Internal restructuring in Germany, factsheet number 63961, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63961.