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.
Underwear manufacturer Triumph is to cut at least 622 jobs at its Austrian and Hungarian production sites. As previously reported by ERM, the closure of its final Austrian production plant in Oberwart, Austria, will affect 210 jobs from the end of July. Cuts will also affect the company's Austrian headquarters in Vienna Neustadt. Triumph moreover hopes to find a buyer for its Hungarian production site in Dunaújváros by the end of the year. The site currently employees 412 workers . German media indicate that the cuts are likely to also affect the company’s design and logistics centres in Heubach and Aalen respectively.
The company cited the “optimisation of the supply chain” in the face of shrinking markets, rising production costs and a difficult global economic situation as the reason for the cuts. The cuts continue a downward trend in Triumph's workforce in recent years. As previously reported by ERM, a number of Triumph’s Austrian production sites have been closed in recent years (in 2010 and 2013.)
Eurofound (2015), Triumph International, Internal restructuring in European Union, factsheet number 83065, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83065.