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.
GKN Aerospace, manufacturer of aircraft and rocket engines in Trollhättan, has announced a reduction of its staff by 350 employees to improve profitability and meet the decline in demand. The aim is to implement the 350 reductions by natural attrition and by not renewing temporary contracts. GKN Aerospace has 2,200 employees at the plant in Trollhättan.
The production plant in Trollhättan, formerly Volvo Aero, was recently acquired by GKN Aerospace. Union representatives are not surprised by the announcement, as the management has been clear about the need to cut costs to improve the competitiveness of the company. GKN Aerospace is a global supplier to the aviation industry with 11,000 employees.
As of November 2012, there is no information about when the reductions will start taking effect or when they will be implemented by. Negotiations with the unions are already underway.
Eurofound (2012), GKN Aerospace, Merger/Acquisition in Sweden, factsheet number 74527, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74527.
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