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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
350 jobs Number of planned job losses
Announcement Date
23 October 2014
Employment effect (start)
23 October 2014
Foreseen end date
31 March 2016
Description
Linde Hydraulics, a German manufacturer of hydraulic and electric power engines, is to cut 350 out of 1,400 jobs. As announced on 23 October 2014, the high price pressure and reduced demand for hydraulic products are the main reasons for the job reduction. From this year onwards, the company intends to save €40 million per year.
Jobs will mainly be cut at three plants around Aschaffenburg but also at a plant in Ballenstedt. The reduction will affect employees across all departments. 200 positions shall be cut in the first quarter of 2015 and another 150 will be cut in the beginning of 2016. The reduction shall be implemented by partial retirement and via a transfer agency.
Sources
23 October 2014: main-netz.de
Citation
Eurofound (2014), Linde Hydraulics, Internal restructuring in Germany, factsheet number 77755, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77755.
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