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 American car manufacturer Ford has announced a major restructuring of its European plants. The car manufacturer wants to quickly improve its performance by reviewing its range on the Old Continent and especially by reducing its workforce. The group has not specified the number of jobs concerned among the European workforce of 54,000 employees. However, management has reported 'several thousands' job cuts. Worldwide, analysts estimate job losses at 24,000 out of a total workforce of 200,000. A similar ratio at the European level could result in more than 6,000 job cuts. The workforce is mainly located in the United Kingdom, Germany and Spain.
The group has confirmed the closure of its Blanquefort plant (in France, 850 job cuts) in summer 2019. Negotiations are ongoing with the German trade union IG Metall regarding the restructuring of its German plant in Saarlouis, Köln, and Aachen (5,000 jobs). The reorganisation goes beyond the limits of the European Union because Ford also intends to conduct a strategic review of Sollers, its Russian joint venture, by the end of the second quarter. Ford, which lost €245 million in Europe in the third quarter of 2018, warns that the reorganisation could be further tightened in the absence of a Brexit agreement.
Update 27/06/2019: The US car manufacturer has announced to cut about 12,000 jobs in Europe and Russia (which represent about 20% of its workforce across Europe) and close six factories. The restructuring will involve reducing its manufacturing footprint in Europe to 18 facilities by the end of 2020 from 24 at the beginning of this year. Germany, the UK (1,700 job cuts in Bridgend and another 1,300) and Russia (2,000 job cuts) will be hardest hit by the cuts, which total about 12,000 regular staff as well as workers employed at joint ventures. France will also have 1,000 jobs cuts (including Blanquefort).
Eurofound (2019), Ford, Internal restructuring in World, factsheet number 96602, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/96602.
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