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.
In March 2009, ThyssenKrupp, the leading German steel corporation, announced plans to cut more than 3,000 jobs (i.e. 1.5% of its global staff) due to a sharp decline of customer orders. Out of these, up to 1.800 to 2.000 jobs are at risk to be cut by September 2010 at ThyssenKrupp Steel in Germany. However, as of March 2009, there was no precise information on the number of job cuts, as negotiations with the trade union and the works council were still running.
Management plans to save EUR 500m in annual costs by restructuring the group and by merging five divisions (steel, stainless, elevator, technology and services) into two (technologies and materials). The plans have spurred a heated debate and workers' protest as the German Metalworkers' Union (IG Metall) expected a cut of co-determination rights and a total job cut of up to 5.000. On 13 May 2009, management and works council signed a joint statement saying that co-determination rights will not be touched and that direct lay-offs will be avoided. There is, however, no new information on the number of planned job cuts in Germany or elsewhere.
On 5 June 2009, ThyssenKrupp announced the loss of 450 jobs by merging the two German shipyards at Kiel and Emden. At Emden shipyeard 250 out of 1400 jobs are to go. At Kiel, where military submarine boats are produced, 200 out of 450 jobs will be shed.
Eurofound (2009), ThyssenKrupp, Internal restructuring in World, factsheet number 68541, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68541.
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