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 Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
600 jobs Number of planned job losses
Announcement Date
18 June 2009
Employment effect (start)
Foreseen end date
Description
The engineering group GKN announced plans to cut 600 jobs across its worldwide operations. The cuts come on top of the 2,700 staff made redundant since the start of 2009 and they are blamed on the downtutn in the automotive and aerospace sectors. The job losses will affect company operations in North America, mainland Europe and Asia. The firm also announced plans to raise £423 through a rights issue in order to pay part of its net debt and improve its finance.
Sources
18 June 2009: The Guardian
18 June 2009: BBC News
Citation
Eurofound (2009), GKN, Internal restructuring in World, factsheet number 69117, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69117.
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