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.
Sitech, an automotive seating manufacturer, a subsidiary of the German Volkswagen Group, is closing its site in Hanover, Lower Saxony, causing 450 redundancies. The job cuts will be carried out in a socially responsible manner in the next few months, according to representatives of the company. The reasons for the plant's closure are economic difficulties in the industry, loss of business orders and growing market competition. The decision has been made after months of negotiations between the company's management, IG Metall union and the Sitech General Works Council.
Sitech has two other factories in Germany in Emden and Wolfsburg, one in Poland and one factory in China. In total, the company has around 5,400 employees worldwide.
Eurofound (2020), Sitech, Closure in Germany, factsheet number 99958, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/99958.