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.
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Other Specialised Wholesale 46.75 - Wholesale of chemical products
1,300 jobs Number of planned job losses
Announcement Date
27 October 2020
Employment effect (start)
27 October 2020
Foreseen end date
1 January 2023
Description
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 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 carried out it in a socially responsible manner (the conditions of the programme will be negotiated with employees’ representitives 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, Internal restructuring in World, factsheet number 102409, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102409.
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