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.
JCB, a company that operates in the heavy machinery sector, has announced that it is to cut 650 jobs. 500 of these job cuts will be manufacturing jobs, whilst 150 administrative jobs will also be lost. The company stated that the job losses will be spread across its manufacturing sites, which are mainly based in the Midlands, with the company’s head office being based at Rocester in Staffordshire. All of JCB's UK factories will be affected by the job losses, affecting staff at eight factories in Staffordshire, two in Wrexham and one in Derbyshire. The company attributed the job losses to the current conditions in the construction sector, stating that its production levels were 20% below forecast. As of 20 July 2008, no further information is available on how many job losses will be at each site, or when the jobs will be cut.
Matthew Taylor, chief executive, said: ‘Many JCB dealers around the world are experiencing lower sales rates because of reduced customer activity, mainly in the housebuilding and commercial property sectors…We do not expect to see a recovery until late 2009 at the earliest.’
JCB have 8000 employees worldwide, with manufacturing sites in the UK, Brazil, North America, India, China & Germany.
Eurofound (2008), JCB, Internal restructuring in United Kingdom, factsheet number 66867, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66867.
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