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.
The wind turbine blade manufacturer LM Wind Power, a subsidiary of the General Electric Vernova, has announced that it will cut 1,000 jobs worldwide.
So far, the company revealed that the layoffs will affect jobs in Denmark, Poland and Turkey. In Denmark LM Wind Power-2024-DK, about 170 positions will be cut by the end of April 2024, while in Poland LM Wind Power-2024-PL about 200 jobs will be cut. The sources also report that GE Vernova is to close a blade factory in Turkey and cut about 700 positions.
GE Vernova is to downsize its renewable energy business and cut down production of wings. After the restructuring programme, LM Wind Power is expected to be a leaner, smaller and more profitable division within GE Vernova over the coming months.
GE Vernova took over LM Wind Power in 2017, but has not been able to make a surplus except for in 2019. LM Wind Power produces windmill wings. The company employs more than 10,000 people worldwide.
Eurofound (2024), LM Wind Power, Internal restructuring in World, factsheet number 201104, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201104.
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