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 27 July 2017, German photo voltaic system manufacturer Solarworld announced it will cut 1,350 jobs. Solarworld filed for insolvency in May 2017.
Recently, the insolvency administrator announced to have found a new investor, namely Qatar Solar, subsidiary of Qatar Foundation. According to the news, Qatar Solar will take over two sites in Freiberg, Saxony and Arnstadt, Thuringia and retain 450 employees. In total, 1,200 jobs at the these sites will be cut. A transfer agency may be created for the affected employees. Further, Solarworld's site in Bonn will close permanently on 1 August 2017, which is to affect 150 employees.
The company has struggled with Chinese competition and a complicated market situation.
For the latest restructuring, see (Solarworld, 2017).
Solarworld employs 3,288 staff members in Germany and in the USA.
Eurofound (2017), Solarworld, Bankruptcy in Germany, factsheet number 91664, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91664.
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