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. 28.9 - Manufacture of other special-purpose machinery
120 jobs Number of planned job losses
Announcement Date
4 May 2016
Employment effect (start)
4 May 2016
Foreseen end date
Description
Greiffenberger AG, a family-led industrial holding company, announced plans to cut 120 jobs at its subsidiary ABM Greiffenberger Antriebstechnik GmbH. The jobs cuts form part of an extensive restructuring programme with the aim of the company's cost structure to become more competitive and consolidate its strong position on the global market. Negotiations between the management and the works council have already started. Employees will leave the company via natural fluctuation or partial retirement. Compulsory redundancies are to be avoided. Furthermore, Greiffenberger plans to invest in the business areas mobile drive technology and industry applications to safeguard the production site in Marktredwitz.
Headquartered in Marktredwitz, Greiffenberger AG currently employs 1,100 employees worldwide.
Sources
Citation
Eurofound (2016), ABM Greiffenberger Antriebstechnik GmbH, Internal restructuring in Germany, factsheet number 87441, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87441.
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