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.
Siemens, German electronics and electrical engineering company, will cut 1,100 out of 13,000 jobs in its power and gas division. These are 600 jobs less than originally planned in February 2015. The job reduction is part of the restructuring program “Vision 2020” which started in May 2014 and provides for 7,400 job cuts worldwide.
Siemens announced in February 2015 that 1,700 jobs will be cut in the company's power and gas division in Germany. In addition, negotiations still have to proceed regarding other topics, such as how many jobs will be lost in Germany at Dresser-Rand after it was taken over by Siemens in June 2015.
The restructuring programme is the company's largest since 1990. However, there have been several restructuring programmes over the past years (see 01.2012, 06.2012, 09.2012 and 10.2013). Currently, Siemens employees 340,000 people worldwide; a total of 110,000 in Germany.
Eurofound (2015), Siemens, Internal restructuring in Germany, factsheet number 84976, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/84976.