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.
Siemens Enterprise Communications (SEN), a company offering communication technologies and services to firms, is in 2008/2009 cutting 2000 jobs in Germany. The job cuts are part of a major restrucuring programme that was started in 2008 when mother company Siemens was looking for an appropriate purchaser for SEN. The 2000 job cuts will be realised by September 2009. A social plan was concluded in 2008.
In 2008, 51% of SEN was sold to US-investor The Gores Group. Both, Siemens and the Gores Group invested Eur 175 million. SEN is now planning to become a global market leader. According to FTD, the restructuring plan affected a total of 7000 jobs worldwide. In 2008, there was no information on job cuts outside of Germany.
Eurofound (2008), Siemens Enterprise Networks, Internal restructuring in Germany, factsheet number 66582, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66582.