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 German heating technology company Vaillant has announced that it will cut around 300 jobs at its headquarters in Remscheid, North Rhine-Westphalia.
The company justifies the job cuts with a new demand situation. The European market for heating technology was already around 10 percent below the previous year's level in 2023. This development has continued this year. The background to this is the decline in business with heat pumps.
The job cuts in Germany will primarily affect the company's headquarters in Remscheid. Around 4,300 people work there, most of them in administration, of which around 300 jobs are to be cut. According to a company spokesperson, the job cuts are to take place as soon as possible. The company intends to avoid compulsory redundancies. Instead, vacant positions will not be filled, and early retirement schemes are also planned. Discussions with employee representatives on the implementation of the measures are already underway.
However, the IG Metall trade union fears that orders will then mainly go to Vaillant plants abroad.
Vaillant employs 17,500 people worldwide. In August 2024, Vaillant looks back on 150 years of company history. In 2023, the company's turnover increased by 3% compared to the previous year to €3.80 billion (USD 4.20 billion). Since 2016, the company has focussed on the heat pump business.
Eurofound (2024), Vaillant, Internal restructuring in Germany, factsheet number 201184, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201184.
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