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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.1 - Electric power generation, transmission and distribution
1,600 jobs Number of planned job losses
Announcement Date
25 March 2016
Employment effect (start)
25 March 2016
Foreseen end date
31 December 2020
Description
German electric utilities company Rheinisch-Westfälisches Elektrizitätswerk (RWE) announced plans to cut 2,000 jobs by the end of 2018.
According to RWE job cuts are necessary due to ongoing internal restructuring as the company plans the initial public offering of its new subsidiary ‘Newco’. The company's HR Director emphasises that the company seeks to avoid compulsory redundancies. A total of 40,000 employees are foreseen to transition to Newco. The majority of the affected employees has already been moved to the new subsidiary. The executive board will provide clarification for all employees by the end of 2016.
Within the previous three years, RWE has already lost about 10,000 employees (see January, November 2015; November 2013). Headquartered in Essen, RWE currently employs 60,000 employees and is the second biggest energy group in Germany.
Update 07/07/2016: On 7 July 2016, at the annual press conference, RWE reported on its latest news on its restructuring measures. In Germany, 1,600 jobs will be cut by the end of 2020. Affected are sites in Garzweiler, Hambach and Inden. One of several reasons is the statutory deactivation of power plant units. On 6 July 2016 the state government of North Rhine-Westphalia announced a key decision concerning the future of brown coal. Thus, the energy supplier will be less in demand. Moreover, the company wants to save €1,5 billion per year. A total of 2,300 jobs will be cut throughout Europe.
Sources
25 March 2016: Der Tagesspiegel (online)
26 March 2016: WDR (online)
26 March 2016: Reuters Deutschland
7 July 2016: WDR online
Citation
Eurofound (2016), RWE, Internal restructuring in Germany, factsheet number 86888, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86888.
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