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.
Siemens AG, a global electronics and electrical engineering company, is to cut around 17,000 employees. On 8 July 2008, the Siemens’ CEO has announced the new reorganisation plan that envisages a broad reorganisation of the business activities, with a relevant reduction of the operative costs. The plan provides for the loss of 16,750 jobs by the end of 2010. The job cuts will mainly affect administrative personnel (around 12,600 jobs) and around 5,000 jobs will be lost in Germany. The company has announced the recourse to any possible measures in order to reduce the negative social effects for the redundant workers. Siemens AG currently employs around 400,000 employees worldwide.
According to an announcement on 26 January 2009, the number of 17,000 job cuts is not to be changed in 2009. Siemens sticks to its 2009 forecast.
For further details, see EIRO report.
Eurofound (2008), Siemens AG, Internal restructuring in World, factsheet number 66852, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66852.
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