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 automotive supplier Progress-Werk Oberkirch (PWO) is to cut around 100 jobs in Oberkirch by the end of 2016.
An existing agreement which excludes operational dismissals until the end of 2014 will not be extended. PWO provides €4 million to implement the job reduction in a socially acceptable manner. The company plans to save costs of €4 million per year.
The management intends to strengthen profitability of its plant in Oberkirch since the company’s customers are increasingly transferring parts of their vehicle production to other countries. Moreover, the company expects turnover to be much lower than predicted.
PWO employs around 3,000 people in total, 1,600 of them in Oberkirch.
Eurofound (2014), Progress-Werk Oberkirch (PWO), Internal restructuring in Germany, factsheet number 77991, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77991.