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.
The machine and plant builder SMS Group announced to cut 1,200 jobs in Germany by the end of 2017. According to the company, job cuts are due to the continuing crisis in the steel and non-ferrous metals industry. Redundancies should be carried out as socially acceptable as possible, however, around 200 employees will be dismissed. A total of 50 direct dismissals will affect employees in Gladbach, Aachen and Witten. In Hildenbach 90 employees will be dismissed and in Düsseldorf and Hilden a total of 60 staff will be affected. Other job reduction measures will be partial retirement, pension at the age of 63, hiring freeze or relocations.
Nevertheless, the company emphasises that they will continue with the expansion of the growth areas digitalisation, modernisation, electrics and automation, service as well as energy and environmental technology. SMS Group, headquartered in Düsseldorf, currently employs around 14,000 staff worldwide and a total of 5,250 in Germany.
Eurofound (2016), SMS Group, Internal restructuring in Germany, factsheet number 87504, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87504.