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.
On 27 April 2020, the industrial and steel group Thyssen Krupp announced the closure of its site in Olpe, affecting 330 employees and also a restructuring programme at its site in Hagen, affecting 160 positions. The restructuring plan will seize a total of 490 positions. At the moment, 330 employees work at the plant in Olpe producing springs and stabilisers for the automotive industry. The site will be shut down by the end of 2021. The unit in Hagen will become a leading centre for springs and stabilisers within the company.
However, Thyssen Krupp stated that some 160 jobs are also threatened in Hagen where currently some 400 people work. In the coming months, negotiations on the reconciliation of interest with employee representatives will take place.
Eurofound (2020), Thyssen Krupp, Closure in Germany, factsheet number 100595, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100595.