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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
180 jobs Number of planned job losses
Announcement Date
12 October 2019
Employment effect (start)
1 December 2019
Foreseen end date
Description
The leading German supplier to the automotive industry Mietec will be acquired by American Axle Manufacturing (AAM) in December 2019, which will lead to 180 redundancies. In Eisenach, the workforce will be reduced from 450 to 260 workers. 180 workers will lose their jobs based on an agreement concluded between Mitec, the works council and the union IG Metall. IG Metall sees the acquisition by AAM with relief, as Mietec filed for insolvency earlier in 2019.
AAM holds 90 locations worldwide and will expand on the European market by building on synergies with Mitec's technological profile. AAM employs a total workforce of 90,000 worldwide.
Eurofound (2019), Mitec, Merger/Acquisition in Germany, factsheet number 99116, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99116.
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