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.
Verbund AG, Austria’s leading electricity supplier company, has announced to cut 355 out of 3,300 jobs by 2020.
The company, a listed corporation which is majority owned by the state, launched an austerity programme in autumn 2013. The generally tense economic situation, contraction of demands and declining profits have made further steps necessary. The management revealed plans to withdraw from thermal electricity production which will affect 80 jobs in Austria but also 30 jobs in France. According to a press release from 11th November 2014 an additional 110 employees in administration and management will lose their jobs and 70 vacant positions will not be refilled.
A social plan negotiated in autumn last year will be available for all newly affected employees. The company is also trying to find new jobs internally.
Updated 28/09/15: In an interview, head of Verbund, Wolfgang Anzengruber, said the implementation of restructuring plans has been successful. All in all a total number of 500 jobs will have been cut by 2020.
Eurofound (2014), Verbund AG, Internal restructuring in Austria, factsheet number 77893, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77893.
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