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.
German software developer SAP is to cut 640 jobs in Germany, according to works council information released on 18 Febuary. This is part of a large restructuring programme that will result in the loss of 3,300 jobs worldwide. The job losses, which are to save EUR 300 to 350 million, will occur from 2010 onwards. The job losses will be implemented through natural wastage and termination agreements. SAP does not exclude direct dismissals.
It is SAP's first job cut since 1988. Currently, the company employs a global workforce of 51,800. As of February 2009, it is unknown the number employed in Germany. SAP's profits in 2008 exceeded the expectations of analysts, but SAP says the company is reconsidering all variable costs to meet the challenges posed by the economic crisis.
Eurofound (2009), SAP, Internal restructuring in Germany, factsheet number 68235, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68235.