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.
ThyssenKrupp System Engineering, a subsidiary of the German steel manufacturer ThyssenKrupp, announced that it will cut 800 jobs worldwide, including 500 in Germany. The restructuring programme will affect production and administrative staff in the automotive part of the business. Negotiations with employees’ representatives are expected to be carried out, and a collective agreement will be signed by spring 2021.
The job cuts come on account of the impact of the COVID-19 pandemic, as the company recorded a drop in demand for automotive products on international markets. The head of ThyssenKrupp said they do not expect output figures in the automotive industry to return to pre-crisis levels for at least two to three years. Parts of the automotive systems are open for partnerships or sell.
ThyssenKrupp System Engineering operates in 12 countries and employs 4,600 worldwide.
Eurofound (2020), ThyssenKrupp System Engineering, Internal restructuring in World, factsheet number 102183, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102183.