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.
French automaker PSA Peugeot Citroen announced on 5 January 2007 that it will cut between 7,000 and 8,000 jobs in its factories in France between January 2007 and December 2009. On 26 April 2007, the company announced that 4,800 jobs will be cut in France in 2007, a decision that was approved on 9 May 2007 by the central works council of PSA Peugeot Citroen. The aim of this is to reduce production capacity and bring it closer to the level of demand. The central works council has examined the group's plans to cut 4,800 jobs in 2007 through voluntary redundancy schemes and natural turnover, that is, by not replacing employees who retire. In this sense, the company announced that it will offer incentives to employees who choose to leave, including early retirement, long-term sabbaticals and financial assistance to those who choose to start up their own businesses. The company is looking to cut back costs amid falling sales and rising raw material costs. The French car maker said that during the past four years its sales in Europe have stagnated while its profitability has declined. Its worldwide sales fell by 0.7% in 2006, as a result of sharp competition in western Europe, but the company foresees a better showing in 2007 with the introduction of new models. Global unit sales came to 3.36 million vehicles in 2006 against 3.39 million in 2005.
Active labour market policy measures are supported by the European Globalisation Adjustment Fund (EGF).
Eurofound (2007), PSA Peugeot Citroën, Internal restructuring in France, factsheet number 64712, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64712.
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