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.
As announced on 22 November 2017, the German pharmaceutical company Sanofi-Aventis will be cutting 400 jobs until the end of 2020 due to internal restructuring. Sanofi-Aventis will not extend 250 temporary contracts and will be offering early retirement packages as well as severance packages to an additional 150 permanent employees. Affected employees are mainly working in the production of medication for diabetic patients. The production of the long-term-insulin Lantus has plummeted in the last 2 years due to expiry of its patent. As a result, management deems job reductions inevitable in order to preserve the company's competitiveness.
Management and works council will start negotiations regarding a social plan next week.
Previously, in March 2017, Sanofi-Aventis also announced a reduction of 480 jobs in the production department.
Eurofound (2017), Sanofi-Aventis, Internal restructuring in Germany, factsheet number 92618, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/92618.