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 French carmaker, which is in financial difficulty, has announced it will cut around 15,000 jobs worldwide out of 180,000, including 4,600 job cuts in France out of 48,000 as part of a three-year savings plan designed to save more than €2 billion. The job reduction plan was presented on 29 May to the French trade unions. In France, Renault intends to rely on retraining measures, internal mobility and voluntary departures. Forced dismissals will be avoided. In total, the five-brand manufacturer (with Alpine, Dacia, Lada and Samsung Motors) plans to cut around 8% of its workforce worldwide. Internationally, Renault announced the suspension of planned capacity expansion projects in Morocco and Romania. It says it is studying the adaptation of production capacities in Russia and the rationalization of gearbox manufacturing worldwide. According to Renault, the reduction in industrial facilities should make it possible to reduce its fixed costs by €650 million per year. In addition, the manufacturer plans to cut engineering costs by €800 million, referring to optimizing the use of R&D centers abroad and subcontracting. Finally, savings of €700 million are expected in overheads, marketing and other support functions. Renault points out that the implementation of the plan will cost €1.2 billion, representing annual savings of around €2.15 billion on its fixed costs. A previous transnational roerganisation was recorded in the ERM Data in 2018, when Renault announced 5,000 job cuts on EU level.
Eurofound (2020), Renault, Internal restructuring in World, factsheet number 100759, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100759.
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