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.
As announced on 1 September 2020, the automotive supplier Continental will be cutting 13,000 jobs in Germany due to internal restructuring. Management announced, that the worldwide restructuring programme ‘Transformation 2019-2029’ will be expanded by additional cost saving and process optimisation measures. This includes annual gross savings of €1 billion starting in 2023 and the reduction of 30,000 jobs worldwide – previous goals were annual gross savings of €500 million and the reduction of 20,000 jobs (7,000 in Germany). In Germany 13,000 jobs will be affected. Continental expects 90% of cuts to be carried out by 2025. According to Continental, the job reduction is inevitable due to decreasing car manufacturing and the intensification of the economic crisis due to COVID-19. Continental expects to reach the pre-crisis level of production in 2017 not earlier than 2025.
Continental intends to make the job reduction as socially acceptable as possible. An exact distribution of cuts has yet to be announced. As of 4 September 2020, the following sites are affected:
Closure of Karben plant – 1,100 affected employees.
Regensburg – 2,100 jobs to be cut.
Frankfurt Rödelheim – 500 jobs to be cut.
Eurofound (2020), Continental, Internal restructuring in Germany, factsheet number 101616, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101616.
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