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.
Siemens, the German electronics and electrical engineering company, announced in February 2015 that 1,700 jobs in total in Germany would be cut in the company's power and gas division. In addition, talks still were to proceed in other areas, such as how many jobs would be lost in Germany at Dresser-Rand after it was taken over by Siemens. Siemens acquired US compressor manufacturer Dresser-Rand for $7,8 billion in June 2015.
Siemens said it would invest and hire new employees in other sections to compensate for the job losses. The restructuring programme is the largest since 1990. However, there have been some job restructurings in recent years (see Siemens 01-2012, Siemens 06-2012, Siemens 09-2012 and Siemens 10-2013). Currently, 340,000 people work for Siemens, 110,000 of them in Germany.
Updated 1-10-2015:Siemens will cut 1,100 out of 13,000 jobs in its power and gas division. These are 600 jobs less than originally planned in February 2015. The job cutting is part of the restructuring programme “Vision 2020” which started in May 2014 and provides for 7,400 jobs being cut worldwide by 2020.
Eurofound (2015), Siemens, Internal restructuring in Germany, factsheet number 78314, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/78314.
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