Type
Merger/Acquisition
Country
Netherlands
Region
Location of affected unit(s)
Heerlen, Amsterdam
Sector
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65.3 - Pension funding

800 - 850 jobs
Number of planned job losses
Job loss
Announcement Date
23 October 2012
Employment effect (start)
1 November 2012
Foreseen end date
1 November 2016

Description

APG, the manager of the occupational pension fund for government and education employees in the Netherlands, announced that it will cut 800 to 850 jobs in the coming four years. The majority will be cut in Heerlen (600) and the remainder in Amsterdam.

Although forced dismissals seem unavoidable, some 60% of the cuts will be implemented through the retirement of older employees. Background of the measure is the integration of the offices of APG and Cordares, which was acquired in 2008.


Sources

  • 23 October 2012: Het Financieele Dagblad

Citation

Eurofound (2012), APG, Merger/Acquisition in Netherlands, factsheet number 74451, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74451.