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 Tuesday 26.02.2008, German conglomerate Siemens unveiled an extensive restructuring plan of its communications unit SEN that would put thousands of jobs allover Europe at risk.
Up to 6,800 from a total of 17,500 was the number of posts Siemens sought to trim from a loss-making division that offers communications systems including telephone, fax and Internet access to businesses.
The goal, which is to cost between 100-500 million Euros (150-750 million dollars), according to financial director, is to abandon production of telephones, terminals, modems and telecommunications cabling to focus on the supply of software and services.
Siemens has not excluded the possibility of complete close downs of Greek plants such as would be the case for Salonika that employs 270 people.
Eurofound (2008), Siemens, Internal restructuring in European Union, factsheet number 66339, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66339.