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.
On 28 February, EADS the parent company of Airbus presented the restructuring programme, Power 8, for Airbus. According to the programme a total of 10000 jobs will be cut, whereof a majority in the factories: 3700 in Germany, 3200 in France, 1600 in Great Britain and 400 in Spain. In addition, the head office in Toulouse will be reduced by 1100 jobs.
The reductions are planned to take place during a four year period and half of the reductions will be made among permanent employees. The other half will affect temporary or on-site subcontractors where reductions will begin immediately.
Initially, reductions will be achieved through negotiated voluntary severance schemes. Should these schemes not reach the expected outcomes within the next 12 to 18 months, other measures will be considered.
The reduction programme aims at saving 2.1 billion Euro yearly from 2010. The programme is a result of Airbus' heavy crises after failing to deliver the superjumbo model A380 on time.
Eurofound (2007), Airbus, Internal restructuring in European Union, factsheet number 65049, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/65049.
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