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 15 September 2017, the German automobile club ADAC announced it will cut 350 to 400 jobs at its headquarters in Munich. ADAC representatives stated that cost reductions were required to ensure the survival of the automobile club, as costs are expected to exceed annual revenue by 2020.
ADAC wants to avoid operational terminations and plans to reduce jobs through partial retirement programmes, natural fluctuation, compensation offers and transfers.
As of September 2017, ADAC has 3,500 employees in Munich tasked with running the automobile club, car insurance, car rental and publishing activities.
UPDATE 5 December 2017:
On 5 December 2017 ADAC confirmed that the automobile club will only be cutting 274 jobs in Munich until the end of 2020. This comes after management and employee representatives were able to find a compromise, which intends to achieve the job reduction by natural fluctuation, generous compensation offers and transfers within the company. All in all these measurements will save ADAC €80 million, which is still €90 million shy of its goal of €170 million.
Eurofound (2017), ADAC, Internal restructuring in Germany, factsheet number 91976, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91976.
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