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 Tyrolean company Swarovski is to cut 280 jobs from a total of about 6600 posts at its headquarters in Wattens. The announcement was made by the management on 8 May 2007. The company manufactures crystal and comprises the brands Tyrolit, Swareflex, Signity and Swarovski Optik. The planned job reductions are due to a 'currently awkward market situation', in particular the current overall decline in purchasing power in the U.S.A., the increasingly unfavourable U.S. dollar exchange rate and competition by manufacturers from ‘low-wage countries’, which are imitating standard components with low-quality ware. The management is attempting to avoid direct dismissals by not filling vacancies and not renewing fixed-term employment contracts. In addition some employees will be relocated to other sites in Tyrol, such as the optics branch in Absam. Despite these redundancy plans, the management has announced € 120 million ‘additional strategic investments’ in Wattens for ‘long-term expansion of their leading market position’ in the core business segment of crystal and jewellery. On 10 September 2008, management announced further 'capacity adjustments' to be realised by the end of 2008, affecting additional 290 employees, most of them blue-collar workers with fixed-term employment contracts. In total, the company will have reduced its workforce by around 10% from May to December 2008.
Eurofound (2008), Swarovski, Internal restructuring in Austria, factsheet number 66683, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66683.
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