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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture of motor vehicles
600 - 2,600 jobs Number of planned job losses
Announcement Date
23 February 2023
Employment effect (start)
23 February 2023
Foreseen end date
31 December 2024
Description
The automotive supplier ZKW started downsizing the factory in Wieselburg, Lower Austria on Thrusday, 23rd February. The restructuring will take place until the end of 2024. In this period 600 out of 2600 jobs will be cut. The job cuts include employer terminations as well as natural departures due to the expiry of contracts and retirements, employee terminations without replacements and alternative working time models such as partial retirement. The number of direct dismissals is unclear.
The works council has been informed and social plan negotiations are currently taking place. It was also announced that ZKW would expand capacity in China, Mexico and Slovakia, in terms of a concept for sustainable growth. Politicians from the Austrian People's Party (ÖVP) and the Austrian Freedom Party (FPÖ) comment on the job cuts as disadvantageous for the business location.
In 2022, the Group employed around 10,000 people in twelve sites worldwide and generated total sales of 1.36 billion euros.
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The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
