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.
Professional Services Professional, Scientific And Technical Activities Other Professional, Scientific And Technical Activities 74.90 - Other professional, scientific and technical activities n.e.c.
950 jobs Number of planned job losses
Announcement Date
11 December 2014
Employment effect (start)
1 January 2015
Foreseen end date
31 December 2016
Description
German printer of banknotes Giesecke & Devrient (G&D) is to cut around 950 out of 4,000 jobs in Germany by the end of 2016. Most of them will affect the company’s headquarters in Munich where 630 jobs shall be cut and 150 will be relocated as G&D will shut down this location.
The management named overcapacities on the market and a high price pressure as the main reasons for the job reduction. The company’s profit has decreased by 90 pc to €2,6 million in 2013. According to the company’s CEO, the company needs to save costs to secure jobs in the long run.
G&D is a worldwide operating company. The job reduction will not only affect Germany. G&D intends to cut 8 pc out of 12,000 jobs worldwide. Over the past years, G&D implemented several restructurings (see G&D 2009, G&D 2013-1, G&D 2013-2).
Sources
12 December 2014: Süddeutsche Zeitung
12 December 2014: Die Welt Kompakt
11 December 2014: FAZ.NET
Citation
Eurofound (2014), Giesecke & Devrient (G&D), Internal restructuring in Germany, factsheet number 77992, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77992.
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