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.
Stiebel Eltron, a manufacturer of electrical, hot water and heating appliances, has announced the creation of 400 new jobs at its headquarters in Holzminden, Lower Saxony, Germany.
Stiebel Eltron is a manufacturer of heat pumps. By the end of the year, the company wants to produce 80,000 pumps, an increase of 60 percent compared to the previous year. For this purpose, 400 additional jobs are to be created at the headquarters in Holzminden. Jobs created will be for production as well as for sales and customer service.
The background to Stiebel Eltron's expansion is also Russia's war against Ukraine. Germany wants to become less dependent on gas imports from Russia and be climate-neutral by 2045. This also affects the topic of heating, since heat pumps are replacing heating systems with oil or gas boilers.
Since the beginning of the year, 500 additional employees have been hired at the headquarters, so that the number of employees in Holzminden has risen to 2500. In total, the company employs 4000 people. In 2020, Stiebel Eltron had increased turnover to 700€ million, last year it was 830€ million.
Eurofound (2022), Stiebel Eltron, Business expansion in Germany, factsheet number 107275, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/107275.
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