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 shipbuilder Meyer Werft has announced 440 job cuts at its shipyard in Papenburg, Lower Saxony.
The company justifies the job cuts with a tight financial situation, which is why money must be saved urgently. The job cuts affect 440 employees. According to works council chairman Andreas Hensen, employees who are not directly involved in the construction of ships are particularly affected.
Talks are underway between the IG Metall trade union and the management about the job cuts, but positions have hardened. On the company side, it is clear that it will not work without job cuts, otherwise Meyer Werft would face insolvency. The shipyard needs €2.8 billion by 2027. The head of the works council, Andreas Hensen, on the other hand, is calling for neither employees nor trainees to be thrown out and for fewer external workers to be employed instead. Negotiations should be concluded by the end of June 2024.
The Meyer Group also includes the Neptun Werft based in Rostock and Meyer Turku in Finland. The group employs around 3300 people and works with 25 partner companies.
Eurofound (2024), Meyer Werft, Internal restructuring in Germany, factsheet number 201251, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201251.
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