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.
Volvo, a Swedish multinational manufacturing company that produces commercial vehicles, plans to lay off 1,600 employees due to the closure of their bus plant in Wroclaw.
The reasons for restructuring is to apply a new business model in Europe that has been successful in other markets. The plant will be closed in first quarter of 2024.
Volvo declaires they will support its laid-off employees and work with Vargas Holding (who will buy part of the plant), local authorities, and other parties to help employees find new employment opportunities. Volvo's letter of intent adressed to Vargas Holding specifices that new investors are expected to provide employment for around 500 laid off workers.
Volvo Buses has been in operation in Wroclaw since 1996 and the Volvo Group employs around 3,600 people in Poland.
In Poland during 2023, Volvo Cars has announced an expansion of 120 jobs (Volvo Cars-2023-PL) and Volvo Trucks an expansion of 100 jobs (Volvo Trucks-2023-PL).
Eurofound (2023), Volvo Buses, Closure in Poland, factsheet number 108667, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108667.