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.
Npower, the UK energy company will cut 4,500 jobs as its Germany-based owner E.ON has announced plans for restructuring. The exact number of cuts remains uncertain until negotiations with the trade unions are completed, but it is confirmed that jobs will be affected at three offices: in Houghton-le-Spring, Hull and Worcester. The restructuring is planned to start in the new year.
The CEO of E.ON said that the proposed restructuring was ’extremely painful’ but necessary to make the company profitable and added that negotiations with trade unions and employee representatives had already started. The GMB and Unison unions described the plans as a cruel ’blow’ for employees and noted that the UK energy market was unstable.
Both npower and E.ON are among the UK’s six largest energy suppliers. Npower announced plans to cut 900 jobs in early 2019, before it was acquired by E.ON.
Eurofound (2019), Npower, Internal restructuring in United Kingdom, factsheet number 99500, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/99500.
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