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.
The international plant engineering and construction company AE&E Austria is to dismiss up to all of its 375 employees due to insolvency.
AE&E Austria is a subsidiary of the AE&E group which is a member company of the international industrial holding A-Tech with its headquarter in Vienna. A-Tec had become insolvent on 20 October 2010 and consequently, the AE&E group had to file for bankruptcy. Some 375 jobs, 310 in Graz and 65 in Vienna, are threatened. Mr Fuernsinn, chairman of the company's works council, told the newspaper 'Die Presse' that all 375 employees are registered with the PES' (Arbeitsmarktservice AMS) early warning system. However, according to the Kleine Zeitung, a maximum of 70 dismissals are expected.
The Austrian AE&E company has made profits over the past years, however, the economic difficulties of other companies of the group have affected AE&E Austria. Recent negotiations for a purchase of AE&E have failed.
Eurofound (2010), AE&E Austria, Bankruptcy in Austria, factsheet number 71235, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/71235.
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