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 railway company Lietuvos Gelezinkeliai is to dismiss around 300 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 termination of its contract with the producer of potash fertilizers Belaruskali and because of the decrease in cargo volumes due to the EU and US sanctions on Russia and Belarus following the war in Ukraine. The company consulted the trade unions when planning redundancies. Together with the Employment Service, Lietuvos Gelezinkeliai has planned an employee assistance package for the dismissed employees. Around €6 million will be allocated for severance payments to the dismissed employees from different subsidiary companies of Lietuvos gelezinkeliai. In total Lietuvos Gelezinkeliai group will dismiss around 2,000 employees in Lithuania.
Lietuvos Gelezinkeliai is a state-owned railway company employing 1,115 people in Lithuania. It is a parent company of LTG group, responsible for efficient management of the railway corporate group. In total, the group employs around 9,200 employees in Lithuania.
Eurofound (2022), Lietuvos Gelezinkeliai, Internal restructuring in Lithuania, factsheet number 106704, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106704.
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