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 8 July 2008, Siemens released details on its restructuring programme. Siemens intends to cut 16,750 jobs worldwide. Out of these 5,250 jobs will be lost in Germany. The cutbacks will most severly affect the German sites in Erlangen (1350) Munich (1000), Nuremberg (550) and Berlin (350). Further details will be negotiated with employee representatives within the next months. Siemens president Peter Löscher stated that the company is looking for socially acceptable solutions for affected employees. This includes the setting up of a transfer company that will help affected employees find a new job as well as considering part-time working schemes for aged employees. The company's cutbacks aim at reducing costs by 1.2 billion euros by 2010. Siemens employs around 420,000 employees worldwide (around 130,000 employees in Germany).
Eurofound (2008), Siemens, Internal restructuring in Germany, factsheet number 66838, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66838.
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