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.
ČEZ, the largest electricity producer in the Czechia, has announced to cut between 500 and 1,000 jobs by the end of 2019, saving about half billion crowns (EUR 19.4 million).
The redundancies should mainly affect employees in the Prague's headquarters.
According to the results of ČEZ, the net profit fell by 45 percent last year. The redundancies are in contrast with the rapid growth in the number of employees in recent years. Over five years, almost 5,000 employees have been added, with 1,700 have been added only last year. The company currently employs over 30,000 people.
ČEZ is the largest Czech energy company. The majority shareholder of the company is the state holding 70% of shares through the Ministry of Finance.
Eurofound (2019), ČEZ, Internal restructuring in Czechia, factsheet number 97414, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97414.