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 Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Rubber And Plastic Products 22 - Manufacture of rubber and plastic products
1,000 jobs Number of planned job losses
Announcement Date
6 November 2014
Employment effect (start)
6 November 2014
Foreseen end date
31 December 2016
Description
Lanxess, a Germany-based specialty chemicals company, has announced its plans to cut 1,000 positions worldwide by the end of 2016 as part of a major, three-year long internal restructuring operation. This corresponds to approximately 6% of the group's global workforce. Approximately half of the foreseen job losses will be concentrated in Germany, and will mainly be located in administrative and service units, marketing and sales, and R&D. It has not yet been announced where the other job losses will take place. The company stated that the job cuts will achieve annual savings of €150m and will help the company restore its competitiveness. Lanxess currently employs 16,700 employees in 29 countries worldwide. The ERM has reported about previous restructuring cases at Lanxess in 2013, 2007 and 2005.
Sources
7 November 2014: British Plastics
6 November 2014: Financial Times
6 November 2014: Lanxess
Citation
Eurofound (2014), Lanxess, Internal restructuring in World, factsheet number 77906, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77906.
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