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.
On January, 5th 2023, Lenzing AG in Vöcklabruck, Upper Austria has started the process of job reductions totalling 200 positions due to the decline in demand for textiles since August 2022. Production capacities were reduced by about 50 percent. A social plan has been agreed upon on December, 19th 2022. First dismissal talks have already taken place. Due to Lenzing Spokesman, Dominic Köfner, white-collar workers will be more affected than blue-collar workers, but it remains unclear, which areas are affected. 70 to 80 job cuts will be direct dismissals, whereas one third of the job reductions will relate to working time reduction and one third to natural attrition, especially retirements. The works council announces further negotiation plans with the executive board in order to mitigate the job cuts.
With about 3.000 employees, Lenzig AG is the largest employer in the region. As of 2021, Lenzing AG had a turnover of 1.588 million Euros and total assets of 2.467 trillion Euros.
Eurofound (2022), Lenzing AG , Internal restructuring in Austria, factsheet number 108179, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/108179.
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