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.
Lithuanian freight transportation company LTG Cargo - a subsidiary of the state-owned railway company Lietuvos Gelezinkeliai- is to dismiss around 1,200 employees in different Lithuanian regions (mainly Vilnius, Kaunas, Klaipeda, Siauliai, Radviliskis). Lietuvos Gelezinkeliai is currently undergoing a restructuring process since the company is set to lose around €150 million in revenue in 2022, because of the decrease in cargo volumes due to the EU and US sanctions on Russia and Belarus following the war in Ukraine.
Moreover, in January 2022 the Lithuanian government decided that Lietuvos Gelezinkeliai had to terminate its contract with the producer of potash fertilizers Belaruskali, because it clashed with national security interests. Furthermore, the state-owned railway company is set to lose another €12.8 million in revenue due to EU sanctions on the owner of Lithuania's phosphate fertilizer producer Lifosa.
The company consulted trade unions when planning redundancies. Together with the Employment Service, Lietuvos Gelezinkeliai has planned an employee assistance package for the dismissed employees. According to the management, around €6 million will be allocated for severance payments to the dismissed employees from different subsidiary companies of Lietuvos Gelezinkeliai.
LTG Cargo is the largest freight and logistics services company in the Baltic region. It provides services to freight markets in Belarus, Russia, Middle Asia, and China. Currently, LTG Cargo employs 2,740 employees in Lithuania.
Eurofound (2022), LTG Cargo, Internal restructuring in Lithuania, factsheet number 106700, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106700.
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