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.
Transportation / Storage Land, Water And Air Transportation Land Transport And Transport Via Pipelines 49.20 - Freight rail transport
700 jobs Number of planned job losses
Announcement Date
29 June 2018
Employment effect (start)
1 September 2018
Foreseen end date
1 January 2021
Description
The SNCF railway group plans to cut more than 700 jobs as part of a savings plan for its rail freight activities. These job cuts will be through the non-replacement of retiring employees or reemployment measures within the group SNCF. The management will present this measure to the information and consultation bodies on 10 July.
Last April, in the midst of the railway workers' strike against the railway reform, SNCF announced the spin-off of its freight branch, which is in deficit and heavily indebted (€4.3 billion). After a recapitalisation of about 4 €billion,100% of the the future subsidiary 'Fret SNCF' capital would be owned by the SNCF group. The subsidiary should be created in 2021. But, according to Franceinfo, quoted by L'Express -L'Expansion, if the European Commission refuses the recapitalisation, the cost saving plan and the number of job cuts could be increased.
Sources
29 June 2018: Le Monde
29 June 2018: L'Expansion-L'Express
Citation
Eurofound (2018), Fret SNCF, Internal restructuring in France, factsheet number 94452, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94452.
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