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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
250 jobs Number of planned job losses
Announcement Date
20 February 2015
Employment effect (start)
20 February 2015
Foreseen end date
Description
German automotive supplier Veritas is to cut 250 out of 1,800 jobs in Gelnhausen. The reduction is part of a larger restructuring programme and shall be implemented in a socially acceptable manner.
According to the two CEOs, competition is rough and costs widely exceed prices. Veritas currently employs 4,700 people worldwide and has recently run a turnover of €600 million.
Sources
20 February 2015: Frankfurter Rundschau Online
Citation
Eurofound (2015), Veritas, Internal restructuring in Germany, factsheet number 78646, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78646.
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