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 automotive company MAN announced that it will cut up to 1,900 jobs because it is closing its site in Austria (in Steyr). After lengthy negotiations, the MAN production plant for trucks in Steyr was finally taken over by Investor Siegfried Wolf. The imminent closure of the production site first announced in early 2021 has caused massive protests by the worker's council and hard negotiations, that have prevented job cuts. Of the 1,900 employees, 75 percent agreed on wage cuts (up to 15 percent of the net wages) and accepted the new work contracts. The remaining 25 percent have opted for partial retirement, a severance indemnity or a transfer to the labour foundation that acts as a placement service. The newly named company "Steyr Automotive" has received a large commission on electric trucks (worth around €1billion). The new production programme is expected to start end of 2022.
MAN has also closed a plant in Germany and it is recorded as an EU case in the database (MAN2021 -EU).
Eurofound (2021), MAN, Merger/Acquisition in Austria, factsheet number 106377, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106377.