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 plane engine manufacturer Rolls-Royce has announced to cut 4,600 positions worldwide over the next two years as part of a restructuring plan. About 3,000 job cuts will affect workforce in the UK, where Rolls-Royce currently employs 26,000 people. According to a spokesperson for Rolls-Royce, up to 2,000 redundancies could be made this year. Mostly support and management roles will be cut. The company aims to save 400 million pounds ($537 million) over the next two years and aims to improve profitability. Most of the job cuts will be in middle management jobs and will also affect engineers working on early-stage design. Rolls-Royce said it was still hiring engineers in electrification and digitalisation. It is the company’s biggest round of redundancies since 2002 when Rolls-Royce announced 5,000 job cuts worldwide. Large restructuring have been also announced in 2003 (1,100 job cuts in the UK) and in 2008 (2,300 job cuts world-wide).
Eurofound (2018), Rolls-Royce, Internal restructuring in World, factsheet number 94322, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94322.