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 October 27th, Vestas, a Danish wind turbines manufacturer, announced to cut 3000 jobs worldwide which accounts for 12% of its workforce. Denmark is the country most affected by the plan with 2000 redundancies. The job reduction measure includes the closing of five plants across Scandinavia due to excess capacity and decreasing order volume from Europe, according to the management.
Production is said to be shifted to Spain.
Eurofound (2010), Vestas, Internal restructuring in World, factsheet number 71184, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71184.