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.
The Dutch lighting company Signify is to cut around 10% of the jobs in the Netherlands. Totally, the Eindhoven head office and the Amsterdam branch will lose 250 jobs.
Signify aims to structurally reduce costs because of the shrink in customers' investment in lighting systems, as a consequence of the COVID-19 pandemic. Job losses involve support functions, in particular, the human resources department, but also places in the research department will also be cancelled (60 employees).
The company does not expect to be back on sales before the corona outbreak until 2023. Unions said they were aware of the layoffs, although the blow was equally severe. Furthermore, the unions think it is an attempt by management to get rid of the old Philips structure.
In the coming years, customers are expected to invest less in lighting for offices, hotels and retail properties. 2020 registered a 13% drop in turnover. For this reason, Signify is to cut 700 employees worldwide. Signify is the former lighting division of Philips and became an independent company in 2016. In 2018, its name was changed from Philips Lighting to Signify. In 2019, the company posted sales of €6.2 billion worldwide with 37,000 employees.
Eurofound (2021), Signify, Internal restructuring in Netherlands, factsheet number 103343, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103343.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
