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.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41 - Construction of buildings
205 jobs Number of planned job losses
Announcement Date
31 January 2008
Employment effect (start)
1 February 2008
Foreseen end date
30 June 2008
Description
The traditional Styrian AST construction company, which went bankrupt in mid-January 2008, has announced that it is to cut 205 jobs with the closure of its construction sites by the end of June 2008. In February 2008, the business activities will be maintained with 59 staff only. In June 2008, when the company will eventually close its doors, the workforce is planned to be reduced to 18 employees only. No information has been reported on the causes of the company’s insolvency.
AST was acquired in 2003 by the Germany-based Wolff&Müller construction group and has subsidiaries in Poland, the Czech Republic, Slovakia, Croatia, Hungary and Romania. The future of these subsidiaries is uncertain.
Sources
1 February 2008: Der Standard
31 January 2008: Wirtschaftsblatt
Citation
Eurofound (2008), AST, Bankruptcy in Austria, factsheet number 66249, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66249.
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