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.
Neways Electronics International, the Dutch electronic components manufacturer, announced that it will cut 250 jobs at its European production sites due to internal restructuring. The redundancies will be implemented mainly in Germany; some jobs will be cut in the Netherlands too.
The restructuring programme comes as a consequence of the decrease in the demand from the automotive industry, due to the COVID-19 pandemic and the CEO of the company said they do not expect to see an immediate recovery in turnover to pre-pandemic levels. The costs of the reorganisation will be included in the operating profit of 2020, and structural cost reductions are expected to be seen from 2022
The company informs forced redundancies cannot be avoided, and that they will ask the works councils in Germany and the Netherlands for recommendations.
Founded in 1969 in the Netherlands, Neways Electronics International is active in the EMS (Electronic Manufacturing Services) market. The company provides electronic components and systems for five market sectors: automotive, medical, defence, industrial and semiconductor. It has operating companies in the Netherlands, Germany, the Czech Republic, Slovakia and China, and the United States, with a total of 2,808 employees at year-end 2019.
Eurofound (2020), Neways Electronics International, Internal restructuring in European Union, factsheet number 102728, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102728.
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