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.
As announced on 25 May 2012, German multinational Siemens is to cut 490 jobs in its Power Transmission division in Germany. This is due to overcapacity and falling prices induced by Asian competitors.
In total, Siemens employs 1,600 people in this division. 400 jobs will be cut in Nuremberg, 90 in Dresden and Kirchheim/Teck. As far as possible, Siemens aims to avoid forced redundancies and announced to implement the restructuring through contract termination, partial retirement and internal mobility.
The restructuring is to be implemented until autumn 2014.
Eurofound (2012), Siemens, Internal restructuring in Germany, factsheet number 73664, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73664.
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