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 Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.20 - Manufacture of tubes, pipes, hollow profiles and related fittings, of steel
600 jobs Number of planned job losses
Announcement Date
29 April 2015
Employment effect (start)
29 April 2015
Foreseen end date
1 May 2017
Description
Vallourec, a French steel pipes manufacturer, will cut 600 out of 4,000 jobs at its plants in Düsseldorf-Rath, Düsseldorf-Reisholz and Mülheim by 2017. According to managing director Norbert Keusen, one third of the job reductions will be implemented by reducing the number of temporary workers and overtime. The number of employees shall also be reduced by early and partial retirement and by not filling vacancies. However, operational dismissals are not excluded. Vallourec wants to reduce costs by at least 10% by 2017 to respond to overcapacity on the global steel market. In the first three months of this year, the company has had a total loss of 72 million euros. Turnover has decreased to one billion euros which is a decrease of 17 pc compared to the beginning of 2014. Vallourec is a worldwide operating company and employs 23,000 people. The company will cut 2,000 jobs in total worldwide.
Sources
29 April 2015: RP Online
29 April 2015: FAZ.NET
Citation
Eurofound (2015), Vallourec, Internal restructuring in Germany, factsheet number 79848, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79848.
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