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 German automotive supplier Eberspächer announced the closure of its plant in Schwäbisch Gmünd which will result in 130 redundancies. The management informed works council and employees of the decision and blamed the current economic crisis for this drastic step. Reportedly, under the current conditions the company cannot cover its production costs. Eberspächer has been hit hard by the COVID-19 crisis and does not expect to recover in the foreseeable future, making this step inevitable. Management and works council will start negotiation on a social plan shortly.
A time frame for the closure has yet to be announced.
Eurofound (2020), Eberspächer, Closure in Germany, factsheet number 101445, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101445.