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 27 August 2014, German casting house Schmolz + Bickenbach Guss announced its plan to dismiss 210 of its 600 employees in the framework of its restructuring plan. The company has to date been under insolvency protection.
150 employees will be dismissed at the company’s site in Krefeld where currently 365 people are employed. Another 60 employees will be made redundant in Kohlscheid close to Aachen where the company will shut down its site. A transfer agency is going to be set up.
The trade union IG Metall accused the management of blackmailing the works council by threatening to shut down the Krefeld site as well in case unions did not agree with the job reductions. In addition, wage reductions of around one quarter of wages have been agreed for the remaining staff.
Eurofound (2014), Schmolz + Bickenbach Guss, Internal restructuring in Germany, factsheet number 77526, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77526.