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.
German chemicals distributor Brenntag announced that it will cut around 1,300 jobs worldwide, including 200 positions in Germany, by the beginning of 2023. Additionally, the supplier is to close 100 sites across all its regions, half of which are third-party logistics sites.
Under the savings programme ‘Project Brenntag’, the company expects an annual contribution of additional operating EBITDA of €220 million ($260 million) in total by the beginning of 2023. The implementation of the various measures of ‘Project Brenntag’ will also include job cuts. The company plans to use natural fluctuation, mutually agreed separation and regular and early retirement schemes and carry them out it in a socially responsible manner (the conditions of the programme will be negotiated with employees’ representatives within the next months according to local regulations).
Brenntag operates a global network with more than 640 locations in 77 countries. The company employs more than 17,500 people worldwide.
Eurofound (2020), Brenntag, Closure in World, factsheet number 102409, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102409.
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