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 15 June 2009, the American company Wabco, a leading producer of bracking and control systems for trucks, announced to cut 300 jobs at the sites in Hannover and Gronau (Lower-Saxony). As of June 2009, it is unknown when the job losses will occur. Wabco has already cut 600 jobs since late 2008 (see related factsheet). According to the management the job losses are attributed to a 60% drop in orders within a year. Currently, 900 workers out of 2,400 work short time (50% reduction of hourly working time). Extension of short time working is not planned, management says. Overcapacities are to be diminished. Negotiations with the works council have not started yet. The metalworkers union IG Metall rejects the plans. Wabco employs a global workforce of 7,200 in 31 countries and reported a 7% growth in sales (EUR 2.6 bn) in 2008.
Eurofound (2009), Wabco, Internal restructuring in Germany, factsheet number 69086, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69086.