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.
Automotive supplier Koyo, which belongs to Japanese JTEKT Group, is to cut 60 out of 580 jobs at its plant in Künsebeck. The job reduction will be completed by March 2016.
According to the management, this restructuring has become necessary due to its current overcapcity. Koyo seeks to remain competitive and the job reduction forms part of a Europe-wide restructuring programme. The majority of these job cuts will be implemented by direct dismissals with only a quarter of the jobs reductions resulting from early retirement or not prolonging fixed-term contracts.
By 2018, the company's turnover in Künsebeck is forcasted to increase by €10 million to a total of €60 million.
Eurofound (2015), Koyo, Internal restructuring in Germany, factsheet number 78185, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78185.