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 11 July 2017, the German industrial group ThyssenKrupp announced to cut between 1,000 and 1,250 jobs in Germany by 30 September 2020.
The job cuts will affect the administrative staff in an effort to significantly reduce administrative costs. Worldwide, ThyssenKrupp wants to cut between 2,000 and 2,500 administrative jobs. The management hopes to save €400 million and increase efficiency within the department.
ThyssenKrupp wants to implement the job cuts as soon as possible through natural attrition, part-time work and early retirement. The job cuts are part of a larger, already announced savings program. The exact implementation plan of the job cuts is in progress.
Already in May 2017, the company announced to cut 330 jobs in Germany, see (ThyssenKrupp, 2017).
Currently, 18,000 employees work in the administration departments of ThyssenKrupp worldwide and the Group employs an estimated 159,000 people worldwide.
Eurofound (2017), ThyssenKrupp, Internal restructuring in Germany, factsheet number 91500, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91500.
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