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.
German automotive supplier Brose plans to cut 2,000 jobs in Germany until 2022 due to internal restructuring. While the announcement was made before the COVID-19 crisis, details have been published recently. The decision will mainly affect employees in Bavaria -among others at Coburg, Bamberg, Hallstadt and Würzburg. Brose intends to create new jobs and build a new plant in Serbia, but no further details have been disclosed for this operation.
The company is expecting drop in sales by 25% for 2020; 2019 was a turbulent financial year for Brose. With the COVID-19 crisis and sales expected to be down by 25% in 2020, this job reduction is considered inevitable in order to become profitable again.
Brose has 9,000 employees in Germany.
Eurofound (2020), Brose, Internal restructuring in Germany, factsheet number 101202, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101202.