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 Other Transport Equipment 30 - Manufacture of other transport equipment
170 jobs Number of planned job losses
Announcement Date
7 September 2006
Employment effect (start)
Foreseen end date
31 December 2008
Description
On 7 September 2006, Vossloh, a German provider of rail-bound transport systems, announced the loss of 170 jobs out of its 1,547 employees in Germany(4,700 worldwide). Vossloh is pushing a cost cutting strategy to increase its total revenue. Till 2008, 25 million euros shall be saved. Mostly affected by the cost reduction scheme will be the logistic and buying departments. Furthermore, due to its declining sales, the information technology department shall be sold. Vossloh hopes to maximise its profits by saving costs and expand its core business (electrical components, turnouts, rail fastening systems).
Sources
8 September 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), Vossloh, Internal restructuring in Germany, factsheet number 64046, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64046.
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