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.
Magna Powertrain, based in Lannach, Austria, announced that 200 employees will be made redundant in 2024.
The affected employees were now officially registered for redundancy with the AMS. The job cuts are part of a wider job reduction programme that has been underway for months. The cuts are largely due to the slow adoption of electric mobility, which has severely impacted Magna's operations. The company claims significant challenges as a result of the shift towards e-mobility.
Originally a leader in the production of components for internal combustion engines, Magna is now struggling as demand shifts away from traditional vehicles. Despite winning two new contracts, the company's revenues are under pressure. Redundancy plans have been put in place to support affected employees, with around 1,500 employees potentially at risk if new orders do not materialise.
In April 2024, Magna has announced a restructuring programme involving job cuts in Graz, Austria Magna Steyr-2024-AT.
Eurofound (2024), Magna Steyr, Internal restructuring in Austria, factsheet number 201639, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201639.
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