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.
Schaeffler, a leading supplier to the automotive industry, announced 1,300 job cuts in Germany. The restructuring is due to a continuing decline in orders and will impact 650 jobs in manufacturing and 650 in administration. The company is severely affected by the downward trend of the diesel market and in spring 2019 released a restructuring programme involving the cutting of 700 positions in Germany and further 900 positions worldwide. The 1,300 job cuts are additional to the 700 planned cuts and will be implemented starting 1 November 2019.
Following on meetings with the works council, all cuts will be realised based on an agreed two-sided voluntary redundancy programme, implying that no worker shall leave the company unless both the company and the worker agree to it. To make the redundancy attractive, the company is offering severance payments, partial or early retirement options. The voluntary redundancy programme will last until the end of 2020.
Eurofound (2019), Schaeffler, Internal restructuring in Germany, factsheet number 99111, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99111.