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 22 May 2012, a mechanical engineering company Voith will cut 635 jobs at its paper section in Germany by autumn 2013. The restructuring is due to the progressing digitalization in the print sector, especially concerning newspapers and magazines.
In total, Voith aims to cut 710 jobs in Germany and Austria. German sites which are affected are Heidenheim (280), Ravensburg (300) and Krefeld (55). Those sites mainly produce large paper and packaging machines, the demand for which is decreasing.
Voith paper employs 10,000 employees worldwide. As the company announced, the restructuring program will be designed in a way to avoid forced dismissals.
UPDATE 08-11-2012: In November 2012 it was reported that job cuts in Ravensburg will be limited to 218. Thus, the total number of job reductions will amount to about 550.
Eurofound (2012), Voith, Internal restructuring in Germany, factsheet number 73617, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73617.