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 steel manufacturer ThyssenKrupp, which is implementing a major restructuring programme, released first figures on enacted and potential job losses in 2009/2010. CEO Ekkehard Schulz told FAZ in an interview that in the first ten months of 2009, the global workforce was reduced from 198,000 to 182,000. In the same time, 4,000 new jobs were created.
In the upcoming business year, ThyssenKrupp plans to shrink the workforce by another 15,000 to 20,000, according to Schulz. The figures, however, are not very precise. Plans foresee divestment of some labour intensive units. Three service goups employing a total of 22,000 persons shall be sold. 2,500 jobs shall be affected by a restructuring of the ship-building units.
For the first time, figures on job cuts in administration were given. According to Schulz, up to 2,500 out of 18,000 (global) administrative jobs shall be shed. A decline in business orders in automotive components, in steel and in ship building is given as a reason. ThyyssenKrupp's restructuring programme is intended to save EUR 1.5 to 2.0 billion and to reshape the portfolio to focus on the most profitable units.
Eurofound (2009), ThyssenKrupp, Internal restructuring in World, factsheet number 69708, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69708.
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