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.
Industrial machinery supplier for the paper industry Voith Paper, division of the German multinational group Voith, is to cut 290 jobs in its facility in St. Pölten, Austria.
Out of the 290 employees affected by the measure, 40 are to be employed at different company locations. According to media sources, the job cuts will take place by the end of September 2014.
The job reduction measures are part of a larger recently announced restructuring plan affecting also facilities in Germany and are due to the decreasing demand in Europe and China.
In August 2013, a first restructuring plan for St. Pölten was announced by the company, which foresaw 70 job cuts. It is not known yet as to whether these 70 jobs are incorparated in the new restructuring programme.
According to a company spokesperson, the job cuts are to be implemented in a socially acceptable way; talks with employee representatives are to start soon.
Eurofound (2013), Voith, Internal restructuring in Austria, factsheet number 75867, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75867.
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