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 Swiss machine tool manufacturer Starrag will be cutting 150 jobs in Mönchengladbach due to internal restructuring. The job reduction is part of a realignment of the company’s strategy which will be implemented from 1 July 2019 and intends to significantly decrease costs by CHF 8 to 10 million (€7.13 to €8.91 million) to 2021. The German Metalworkers’ Union (IG Metal) criticised the company’s decision and fears about the plant’s future at Mönchengladbach. Furthermore, IG Metal questioned whether the job reduction will only be realised by social measures. IG Metal assumes that compulsory redundancies will be necessary in order to achieve the company’s goal. Starrag has yet to comment on the job reduction process.
Currently, Starrag has 380 employees at Mönchengladbach.
Eurofound (2019), Starrag, Internal restructuring in Germany, factsheet number 97758, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97758.