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 transport and service provider KVV (Kasseler Verkehrs- und Versorgungs-GmbH) based in Kassel, announced on 7 August 2017 that it will cut 300 to 350 jobs as part of its restructuring programme ‘KVV 2022 – Fit für die Zukunft’. The job reductions are expected to save €27 million annually, which equals 10% of the organisation's total annual costs.
Within the next five years, 200 employees will retire and will not be replaced. To achieve the company's goals, the company’s chairman does not want to preclude operational terminations. The United Services Union (ver.di), however, reminded him that the currently applicable collective bargaining agreement excludes operational terminations until 2022.
As part of a possible solution, the works council proposed to reduce the company’s debt by increasing sales, additional funding by the city of Kassel as well as early and partial retirement programmes.
Currently KVV has 1,900 employees.
Eurofound (2017), Kasseler Verkehrs- und Versorgungs-GmbH, Internal restructuring in Germany, factsheet number 91822, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91822.