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.
General Electric Vernova's Offshore Wind division, part of the American multinational's renewable energy branch, has announced a significant downsizing that will affect 360 employees across its sites in Montoir-de-Bretagne and Nantes (Loire-Atlantique).
The restructuring plan will result in the loss of 360 roles. Among those, 140 roles, over half of the workforce, will be cut at the Montoir-de-Bretagne site, which produces nacelles for wind turbines. In Nantes, 220 office positions, representing one-third of the workforce of engineers and managers, are also set to be cut.
In an interview, GE Vernova Chief Executive Scott Strazik explained that rising interest rates and low electricity prices have driven the company to concentrate solely on delivering existing projects rather than seeking new contracts in Europe. This strategic shift underscores the broader economic challenges faced by the renewable energy sector.
Employees have expressed their anger and frustration over the announcement. In a letter to the company’s leadership, they highlighted repeated management errors since 2021, which they believe have exacerbated the current crisis. Workers have already staged protests at the sites, demanding transparency about their futures and fair severance packages. Initial negotiations over redundancy terms have thus far been inconclusive, heightening tensions, particularly among highly skilled employees. Beyond the immediate job losses, workers fear that the two sites could close entirely by 2027, putting a total of 1,400 roles at risk.
In France, GE Vernova employs a total of 7,500 people.
Several prior restructurings have been recorded on the ERM database, with 199 jobs cut in Spain in 2023 General Electric ES - 2023.
Eurofound (2024), General Electric Vernova, Internal restructuring in France, factsheet number 202023, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/202023.
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