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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.15 - Manufacture of bearings, gears, gearing and driving elements
100 jobs Number of planned job losses
Announcement Date
25 April 2015
Employment effect (start)
1 June 2015
Foreseen end date
31 May 2016
Description
Hyundai will shut down its subsidiary Jahnel-Kestermann at Bochum by June 2016 at the latest. The closure will affect around 100 employees. They will be given notice starting from 30 June 2015. The reason for the closure are permanent losses by the gearbox plant since it has been acquired by Hyundai in 2011. Jahnel Kestermann has already cut 102 jobs in Germany at the end of 2013, which was half of the staff at Bochum. Employees and management had negotiated a social plan which will still serve the employees who are now affected by the closure. The plan provides rules for severance payment. Jahnel-Kestermann develops and produces gear units for many industrial applications.
Sources
25 April 2015: WAZ Online
25 April 2015: Radio Bochum
Citation
Eurofound (2015), Jahnel-Kestermann, Closure in Germany, factsheet number 79847, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79847.
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