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 aircraft parts manufacturer Cortesa will be cutting 200 jobs in Mittweida and Mochau until September due to internal restructuring. According to the director, cuts are necessary due to a decrease in orders by major customers, among others by Airbus, which will cease production of the A380 in 2021 for which Cotesa is producing parts. Furthermore, the director confessed mistakes in the company’s strategy and being too positive in regard to the company’s growth prognosis.
Throughout the period of notice, until September, Cotesa intends to offer employees internal qualification courses.
Cotesa has 800 employees combined at both plants.
Eurofound (2019), Cotesa, Internal restructuring in Germany, factsheet number 98156, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98156.