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.
On 12 February 2016, German mechanical and plant engineering company Siempelkamp announced plans to cut 350 jobs in Germany by 2017. Affected sites are located in Krefeld, Mülheim und Wolfratshausen. According to the company, job cuts are due to internal restructuring as the company wants to extend its business activities to an international level. Siempelkamp is relocating more of its production from Germany to China and the Czech Republic due to lower labour costs and steel prices. Especially the foundry is suffering from economic difficulties due to a loss of sales in Russia and the weak economy in some emerging countries.
Restructuring plans will be negotiated with the works councils in the upcoming weeks. Further job cuts might affect Siempelkamp’s subsidiary Sico. More information on possible job cuts at Sico are yet to be published.
Headquartered in Krefeld, Siempelkamp currently employs 3,050 staff. Its main business area is machinery and plant engineering.
Eurofound (2016), Siempelkamp, Internal restructuring in Germany, factsheet number 86551, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86551.