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.
The machine and plant builder SMS Group will be cutting 570 jobs by 2020 due to internal restructuring. However, the majority of those job cuts (440 jobs) will be cut already by July 2018. Most affected will be the sites in Mönchengladbach with 280 employees, Düsseldorf with 110 employees and Hilchenbach with 150 employees.
According to the CEO, the company will try to find socially acceptable solutions for all employees but emphasises that operational terminations might not be avoided.
Management and works council will start negotiations shortly.
Currently, SMS has approximately 4,300 employees. A previous restructuring event at SMS Group ended in December 2017, during which about 1,200 redundancies were implemented.
Eurofound (2018), SMS Group, Internal restructuring in Germany, factsheet number 93769, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/93769.
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