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.
As announced on 6 November 2014, German chemicals company Lanxess is to cut around 500 jobs by the end of 2016. The reduction will mainly affect the company’s administration, marketing and research and development departments.
The company currently suffers from high costs, losses and over-capacities. In 2014, Lanxess might run losses for the second year in a row. Job reduction shall reduce costs by €160 million per year, starting from 2016. €150 million shall already be saved by the end of 2015.
The company’s CEO assured that the job reduction shall be implemented in a socially acceptable manner but at the same time did not exclude operational dismissals. The job cutting is only part of the cost-saving program which aims to cut 1,000 jobs worldwide.
Lanxess is one of the leading German chemical companies and world market leader in the production of caoutchouc. The company currently employs 17,000 people, around 7,300 of them in Germany.
In 2012, Lanxess already cut 200 jobs at its subsidiary Saltigo. Furthermore, Lanxess has just completed its restructuring programme “Advance” from 2013 which planned a reduction of 1,000 jobs, 300 of them in Germany. According to a spokeswoman, the programme resulted in the reduction of 875 jobs worldwide.
Eurofound (2014), Lanxess, Internal restructuring in Germany, factsheet number 77847, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77847.