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 industrial group Siemens will be cutting 2,700 jobs in its power and gas division worldwide due to internal restructuring which will last until September 2020. Of those jobs, 1,400 will be cut in Germany. The sites in Erlangen and Berlin (an exact distribution has yet to be published) are the location where most jobs will be lost. The job reduction is part of a larger restructuring aiming at saving €500 million. Siemens plans to outsource its energy division and enlist it on the stock market.
In late 2018, Siemens had already announced 6,900 job cuts in its power and gas division.
The trade Union IG Metall criticised Siemens's decision arguing that the short-term reduction of employees in a long-term growing market with long cycles, especially in view of increasing shortage of skilled workers, is not effective.
Overall, Siemens will be cutting approximately 13,000 job within the next few years.
Eurofound (2019), Siemens, Internal restructuring in Germany, factsheet number 98203, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98203.