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 plastic and chemical company Covestro has announced that it plans to reduce up to 1,700 jobs worldwide – of which 950 in Germany – by the end of 2023. The restructuring programme is due to the strategic focus on the circular economy and the new group structure, as Covestro intends to convert to a chemical recycling company.
The spokesperson reveals the programme will include voluntary dismissal programmes, early retirement schemes and natural departure, as compulsory redundancies are not permitted under the collective agreement by 2025. The source reports that a final decision on number has to be taken in the near future. The conditions of the programme will be negotiated with employees’ representatives as the dismissals should be as socially acceptable as possible.
Covestro is a German company which produces a variety of polyurethane and polycarbonate based raw materials. It is a Bayer spin off formed in the fall of 2015 and was formerly called Bayer MaterialScience. Currently, the company employs about 17,000 people worldwide.
Eurofound (2021), Covestro, Internal restructuring in World, factsheet number 105208, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105208.
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...
