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 21 February 2017, the management of automotive supplier Megatech and the German Metalworkers’ Union released an agreement over a social plan to cut 170 job in Waldbröl within the next two years. In 2017 about 80 employees will leave the company and in 2018, the figure will be at about 90. A total of 32 employees will soon switch to a transfer agency for further qualifications. The other affected employees either terminated their employment, will go into retirement or their fixed-term contracts will not be prolonged.
The German Metalworkers’ Union announced that if these measures do not generate enough redundancies trough, there will be compulsory redundancies.
About 400 employees are working at the Waldbröl site at the moment.
Eurofound (2017), Megatech, Internal restructuring in Germany, factsheet number 90384, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90384.