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.
Lenzing, manufacturer of cellulose fibres, is to shed up to 390 jobs at its headquarters in Lenzing in the course of 2014. Additionally, the majority of 300 temporary agency workers are to be made redundant, as well, thus increasing the job cuts to almost 700.
The step is due to a decline in the expected earnings and is part of a worldwide restructuring programme, making up to 600 staff redundant.
The works council has reacted strongly and sees the company endangered due to potentially high overtime work in the future.
UPDATE, 29-01-2014:
According to the company's CEO, the job cuts will be smaller than originally announced. Some 160 employees stand to lose their jobs; for them, a social plan has been worked out. An additional 100-150 employees will leave the company via natural attrition. Most of the job cuts will be implemented 2014, with a few remaining for 2015. 200 temporary agency workers stand to lose their jobs in March/April 2014.
UPDATE, 28-11-2014:
The company has announced to tighten austerity measures and plans to cut further 250 jobs starting in January 2015. Staff has been informed, works council and management agreed to extend the existing social plan. Furthermore, all poduction facilities are currently examined. For the time being it is not clear if sites in Austria will be closed.
Eurofound (2013), Lenzing, Internal restructuring in Austria, factsheet number 76221, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76221.
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