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.
German plastics manufacturer Covestro - a former part of Bayer - announced a restructuring programme that shall support the new company in weathering competition and the challenges due to digitalisation. The company aims at saving €350 million in costs until 2021 and will until the end of 2020 cut 900 jobs worldwide, out of these 400 in Germany. In Leverkusen, where the company's headquarter is based, administrative positions and other 'central positions' will be affected. The job cuts shall preferably be realised via natural departures, early retirement and job transfer measures.
Eurofound (2018), Covestro, Internal restructuring in Germany, factsheet number 96324, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96324.