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 20 September the German steel manufacturer ThyssenKrupp confirmed a merger with the Indian steel manufacturer Tata Steel which will result in a loss of 2,000 jobs in Germany. Cuts will have to be made in production as well as in the administration department. After a year of negotiations, both companies signed a memorandum for a joint venture in the European steel market. The final agreement is expected to be signed in 2018 making ThyssenKrupp and Tata Steel with a combined 48,000 employees the second largest steel manufacturer in Europe.
Works council and the German Metalworkers’ Union oppose the merger because they expect further job reductions.
ThyssenKrupp has 27,000 employees worldwide.
Previously, on 31 August 2017 ThyssenKrupp announced the loss of 1,000 jobs in its Industrial Solutions division (ThyssenKrupp, 2017). Also, in July 2017 ThyssenKrupp announced to cut 1,250 jobs in administration by 2020 (ThyssenKrupp, 2017).
Eurofound (2017), ThyssenKrupp, Merger/Acquisition in Germany, factsheet number 92222, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92222.