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 German automobile steering system manufacturer Knorr-Bremse SteeringSystems will be closing its plant in Wuelfrath in 2020, which will result in the loss of 400 jobs. While management and those responsible are very tight lipped on details regarding the closure, employees, the German Metalworkers’ Union (IG Metall) and the city of Wülfrath feel betrayed. When Knorr-Bremse took over the plant in 2016, a promise was made to invest and secure the future of the plant. IG Metall claims that Knorr-Bremse never intended to invest into the Wülfrath plant – instead Knorr-Bremse bought a market access to steering systems, to use this know-how to produce more profits in Asia.
Knorr-Bremse has 28,452 employees worldwide.
Eurofound (2019), Knorr-Bremse SteeringSystems, Closure in Germany, factsheet number 98155, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98155.