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 knitting machinery manufacturer H. Stoll will cut 120 out of 560 jobs in Reutlingen. The job reduction will affect the administration with 60 pc and production with 40 pc. There was no information given on the end date of the restructuring.
According to the management, the job cutting is mainly due to increasing competition from Asia. In the future, production will partly be relocated to China.
The company has set up a social plan for €11 million. Dismissed employees will have the opportunity to change into a transfer agency for up to three years. The remaining employees will resign holiday and Christmas payments this year and 2015 to help the company becoming more cost-efficient.
H. Stoll runs a turnover of €250-€300 million per year and currently employs around 800 people in total.
Eurofound (2014), H. Stoll, Internal restructuring in Germany, factsheet number 78016, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78016.