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.
Vacuumschmelze, a German manufacturer of magnetical material, will cut 340 out of 1,450 jobs in Hanau within the next four years.
The company claims increased competition from Chain as well as increses in prices and costs are the main reason for the job reduction. According to the compnay, the job reducation shall be implemented in a socially acceptable manner. The employees were appalled after the announcement and trade union IG Metall intends to fight these job reduction plans.
Vacuumschmelze is one of the leading companies for magnetical materials and employs 4,100 people in more than 50 countries.
Eurofound (2015), Vacuumschmelze, Internal restructuring in Germany, factsheet number 78462, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78462.