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.
MAN Energy Solutions has announced a restructuring to cope wit the COVID-19 crisis to ensure the future viability of the company. Measures to be taken includes cutting 3,950 jobs worldwide from its current total of nearly 14,000 employees. The executive board expects that the implementation of the program will result in the elimination of up to 3,000 positions in Germany and 950 abroad. In France, 60 to 80 positions (on a total of 600) could be cut at Saint-Nazaire (Loire-Atlantique) near Nantes. The management stresses that the reduction in the workforce will be carried out in a socially responsible manner as far as possible, although compulsory redundancies cannot be completely ruled out. The management has initiated talks with the works council regarding the program and the associated effects on employees. The company says that ‘extensive cost-cutting and restructuring measures are the necessary next steps on the way to the company’s transformation into a solutions provider for sustainable energy supply’. In addition, the company is preparing for a prolonged period of stagnant sales as a result of the COVID-19 pandemic.
Eurofound (2020), MAN Energy Solutions, Internal restructuring in World, factsheet number 101281, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101281.