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.
Volvo Trucks, a division of Volvo Truck Corporation, announced at the end of September 2008 the loss of 980 jobs at its Swedish plants. 820 jobs will be lost in Sweden, in Gothenburg from a manufacturing workforce of 2,100 and 560 at the Umeå plant. Another 400 temporary jobs will be sut in Ghent (Belgium). The company attributed the job losses to the worsening market conditions in all its main markets related to the global financial crisis. At the time of the second job loss announcement in October 2008, it was reported that truck orders had crashed by 99.7% as it took orders for just 115 new lorries in the last three months compared to orders totalling 41,970 in the third quarter of 2007. The The affected units in Umeå and Tuve are the most expensive ones, e.g. the evening and the night shifts. Volvo Trucks is one of the leading heavy truck and engine manufacturers in the world. Volvo built its first truck in 1928 to serve a growing transport industry. Volvo trucks are sold and serviced in over 130 countries.
Eurofound (2008), Volvo Trucks, Internal restructuring in Sweden, factsheet number 67204, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67204.
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