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 Slovenian Magna Steyr branch, owned by the Canadian global automotive supplier, announced the paint shop will be moved to Graz (Austria) as well as the closure of production for an indeterminate time put at risk at least 108 jobs.
Magna production site was a greenfield investment in 2017 worth €146 million. The state contributed €18.5 million to investors’ commitment to employ 400 workers by the end of 2022. Due to the Covid-19 pandemic, the Canadian group and the state agreed to extend the deadline by two years until October 2024.
The company currently employ 158 workers. About 50 will continue to stay at the production site for maintenance purposes. Some redundant workers will get employment in Graz. Others will receive a 90% wage compensation during the redundancy procedure.
The company will return the subsidy to the state. It has not assuaged the anger of environmentalists and farmers who protested against the investment on the most fertile land a few years ago.
Eurofound (2023), Magna Steyr, Offshoring/Delocalisation in Slovenia, factsheet number 108590, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108590.
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