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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture of motor vehicles
500 jobs Number of planned job losses
Announcement Date
4 June 2020
Employment effect (start)
4 June 2020
Foreseen end date
Description
Aston Martin Lagonda, the British carmaker, has announced that it will make 500 employees redundant. Redundancy consultations with employees and their representatives have already begun. In its statement announcing the redundancies, the company said that it aims to cut costs and restore profitability, arguing that a smaller workforce will be sufficient to meet the decreased demand for its cars. The sharp fall in production and sales caused by the COVID-19 pandemic has exacerbated the company’s longer-term financial problems.
Aston Martin Lagonda makes luxury sports cars at three production sites in England and Wales. The brand is associated with the fictional character James Bond, who drives Aston Martin models.
Eurofound (2020), Aston Martin Lagonda, Internal restructuring in United Kingdom, factsheet number 101064, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101064.
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