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.
On 27 January 2017, manufacturer of large machine tools, WALDRICH COBURG announced to cut about one third of its 740 jobs in Coburg. Waldrich Coburg is a subsidiary of the Chinese company Beijing No. 1. The company is struggling due to the poor economic situation and for the last three years the company has generated losses.
Waldrich Coburg already set up a cost saving programme and negotiated a collective wage agreement on employment protection. The wage agreement stipulated that employees forego parts of their wages for their jobs to be protected. However, these measures could not compensate for the bad order situation. Negotiation between the works’ council, the German Metalworkers’ Union and the management about a social plan will start shortly.
The job cuts will be implemented within the next months, the company did not release an exact schedule.
Eurofound (2017), Waldrich Coburg, Internal restructuring in Germany, factsheet number 90349, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90349.