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 17 July, Toyota Peugeot Citroën Automobile (TPCA), a car manufacturing joint venture, announced to cut 345 jobs at its Kolín site by the end of 2012. The workforce reduction is thus larger than the company envisaged in June 2012 (250 jobs).
The difficult situation on the market and lower sales of small cars due to the crisis in southern Europe forced the car maker to reduce the number of employees by nearly 10%.
The company introduced a voluntary dismissals programme. Redundant workers are offered compensation above the level required by the Czech legislation. The level will depend on the length of the time worked in the company. The firm also wants to help people in looking for a new job.
This is not the first restructuring in the Kolin site of Toyota this year (see here). At the end of May, the company employed 2,800 people.
Eurofound (2012), Toyota Peugeot Citroën Automobile (TPCA), Internal restructuring in Czechia, factsheet number 73799, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73799.