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 20. February 2020, the German chemical company Wacker Chemie plans to cut 800 jobs in Germany due to internal restructuring in the coming three years. The job reduction is part of a global saving programme, which aims to save up to €250 million in costs in order to strengthen the company’s competitive position on the market. Globally, Wacker will cut 1,000 positions. As the restructuring plan intends to reduce mostly administrative and supportive positions, it is expected that the headquarters in Munich will be heavily affected by the decision. Wacker plans to exclude compulsory terminations. Negotiations regarding a social plan will start shortly.
Wacker has 14,500 employees worldwide and 10,000 employees in Germany.
Eurofound (2020), Wacker Chemie, Internal restructuring in Germany, factsheet number 100065, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100065.
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