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.
Lear Corporation, a global vehicle supplier headquartered in Southfield, Michigan, USA, announced 380 job cuts at the production plant in Kronach, Germany.
The job losses are caused by the decision of Lear Corporation to discontinue the Audio and Lighting business area worldwide. The job cuts affect positions in the production while 120 development jobs remain at the production plant in Kronach, Germany. The job losses are to be implemented until 2025.
After negotiations with the works council (Betriebsrat) and the union IG Metall, Lear Corporation announced that there will be severance pay, additional social benefits and the possibility of transferring to a transfer company. The works council and IG Metall declared that they are satisfied with this agreement.
Lear Corporation employs over 160,000 employees globally in 257 facilities in 38 countries.
Eurofound (2022), Lear Corporation, Closure in Germany, factsheet number 106660, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106660.
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