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.
Schopfloch, Calw-Holzbronn, St. Johann-Lonsingen, Haslach, Rheinau
Sector
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.30 - Manufacture Of Agricultural And Forestry Machinery
350 jobs Number of planned job losses
Announcement Date
7 November 2023
Employment effect (start)
7 November 2023
Foreseen end date
31 December 2024
Description
As announced on 07 November 2023, the German woodworking machinery manufacturer Homag will be cutting 350 jobs in Germany until the end of 2024.
The company intends to achieve the restructuring via a voluntary programme and early retirement programmes. As of today, there is no information on the distribution of job cuts per location in Germany available.
The job reduction is part of a worldwide restructuring programme in order to become more efficient and reduce capacities. The programme will affect 600 employees worldwide and will save Homag approximately €25 million in costs in 2024 and from 2025 onwards approximately €50 million annually.Currently, Homag has 7,500 employees worldwide.
Sources
7 November 2023: Homag Press Release (www.homag.com)
Eurofound (2023), Homag, Internal restructuring in Germany, factsheet number 200501, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200501.
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