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 US aircraft manufacturer GE Aviation, a division of General Electric, has announced 13,000 job cuts from a total workforce of 52,000 employees located in 19 countries worldwide. This announcement includes the 10% cut to GE US aviation workforce announced in March which represents about 2,600 job cuts. GE Aviation has started to consult its workforce at its Nantgarw site, near Caerphilly (UK) where 1,400 people are employed. The plant, as others at GE, suffers from the drop of numbers in air travel during the COVID-19 crisis. The job cuts will first result in voluntary departures. The possible 13,000 job cuts comes shortly after GE Aviation revealed profits had fallen roughly 40% in the three months to March.
Eurofound (2020), GE Aviation, Internal restructuring in World, factsheet number 100747, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100747.