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.
As announced on 3 August 2020, the powertrain subsidiary of German automotive supplier Continental, Vitesco Technologies (Vitesco) plans to cut 178 jobs at its plant in Schwalbach am Taunus due to internal restructuring. The consultations were previous planned for spring 2020, however, they were postponed due to the COVID-19 outbreak. Vitesco wants to focus on electric power units at Schwalbach, meaning that mostly employees working on development of engine systems and fuel lines will be affected by the job reduction. Although negotiations between management and works council regarding a social plan are still ongoing, Vitesco intends to implement job cuts until 2024.
Vitesco has 42,000 employees worldwide.
Updated, 9/4/2021:
As announced on 9 April 2021, Vitesco will only cut 25 jobs at its Schwalbach plant. This is the result of negotiations between management, works' council and worker's union IG Metall. Vitesco intends to cut those jobs via a voluntary programme.
Eurofound (2020), Vitesco Technologies, Internal restructuring in Germany, factsheet number 101523, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101523.