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.
As announced on December 7, 2011, German plant engineering and construction company Ferrostaal will cut up to 175 out of 700 jobs in its headquarters in Essen (North Rhine-Westphalia) as a part of a cost cutting program. Further job cuts might follow in its location Geisenheim (Hesse), which currently employs 160 people.
The management announced negotiations with labour representatives. According to a company press release, compulsory redundancies are no longer excluded.
Ferrostaal suffers from lowering orders and a corruption scandal as well as a dispute by former owners MAN and IPIC. The company operates in more than 40 countries employing 5,300 people.
At this point in time the concrete timeline for the restructuring is unknown.
Eurofound (2011), Ferrostaal, Internal restructuring in Germany, factsheet number 72827, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72827.