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.
ATB Spielberg, a manufacturer of electic motors located in the Styrian federal-state of Austria, has closed its production plant and thus has dismissed 300 employees. The unions PRO-GE and GPA-djp have protested against the course of action of the Chinese owner and its plans to close the plant. Since late 2011, ATB belongs to the Chinese Wolong Group. In addition to the plant in Spielberg, ATB owns facilities in Germany, Great Britain, Poland and China. The company has 3,500 employees worldwide.
Update 21/10/2020
Following lenghtly negotiations, the creditors finally approved a restructuring plan for ATB. As a result, 360 of the 400 employees will be dismissed. While production is shut down completely, logistics and sales staff remain at the site in Spielberg. The 1,400 creditors of the bankrupt company have claimed a total of €22 million outstanding accounts.
Eurofound (2020), ATB Spielberg, Bankruptcy in Austria, factsheet number 101823, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101823.