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.
German industrial machinery supplier for the paper industry Voith Paper is to cut 520 jobs until September 2014 in an attempt to reduce costs.
In total, Voith plans to cut 270 jobs in Germany, including 210 positions in Krefeld (North Rhine-Westphalia), 50 positions in Ravensburg (Baden-Württemberg), 10 positions in Neuwied (Rhineland-Palatinate). The restructuring plan also includes job reduction measures in Austria (250 -290 jobs).
The job reduction measures are due to the decreasing demand in Europe and China.
The company has already informed the works council committees and its employees about these measures and is going to initiate discussions with workers’ representatives on the implementation of the job cuts shortly.
In 2012, Voith had already announced a large restructuring plan for Germany and Austria (see Factsheet) that largely has been implemented as to date.
Eurofound (2013), Voith, Internal restructuring in European Union, factsheet number 75869, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75869.