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 Generali Holding Vienna insurance company, a subsidiary of the Generali Group headquartered in Italy, will in the worst case lay off in between 350 and 390 out of around 10,000 employees (in Austria) by the end of 2008. This information was made public on 26 July 2006 by the companys management via a press release. Accordingly, company restructuring will centralise back-office tasks now being dispersed all over the country and thus relieve the regional offices in each Land from administrative burdens. Redundancies will thus be inevitable. The companys works council and the Union of Salaried Employees have alleged planned losses of even some 700 jobs a number that has been rejected by the management. Both the works council and the union have called on the management to assume social responsibility for the employees. Organised labour has announced a so-called action day to be held on 29 July 2006 in order to protest against the planned redundancies.
Eurofound (2006), Generali Holding Vienna AG, Internal restructuring in Austria, factsheet number 59797, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/59797.
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