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.
Hirschmann Automotive headquartered in Vorarlberg, Austria, is cutting 100 jobs. The company is restructuring due to challenging economic conditions. This decision, announced during a supervisory board meeting in June 2024, is a direct response to declining market forecasts and a lack of signs for recovery. The company has identified three key factors contributing to this decision: rising costs due to the automotive industry's transition to e-mobility; intensified competition from Asia; and a 22% wage increase over three years, which has negatively impacted the company's competitiveness.
Company currently has 1,350 employees.
Eurofound (2024), Hirschmann, Internal restructuring in Austria, factsheet number 202212, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/202212.