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.
Portugal, Spain, France, Italy, Germany, Denmark, Sweden, Poland, Czech Republic, Slovakia, Slovenia, Romania and Hungary, Switzerland, the UK
Sector
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture Of Motor Vehicles
10,000 jobs Number of planned job losses
Announcement Date
19 February 2024
Employment effect (start)
19 February 2024
Foreseen end date
31 December 2027
Description
French automotive parts manufacturer Forvia has announced that it will cut 10,000 jobs worldwide by 2028.
The company is to reduce its European workforce by 13%. The reduction rate is approximately 2,000 to 2,500 positions per year. The measure will affect all European units, including the UK and Switzerland.
The move comes as the company aims to increase its competitiveness and reduce its indebtedness. Forvia, like other carmakers in Europe, is grappling with excess capacity. The company specifically faces overcapacity in areas such as seating, interiors, and lighting. The company expects annual savings of €500 million starting from 2028.
Forvia was formed from the merger of Faurecia and Hella. Forvia employs 157,000 workers across 43 countries worldwide. In Europe, the company employs 75,500 staff and has production facilities located in: Portugal, Spain, France, Italy, Germany, Denmark, Sweden, Poland, the Czech Republic, Slovakia, Slovenia, Romania and Hungary. Outside the European Union, the company also has factories in Switzerland and the UK.
Eurofound (2024), Forvia, Internal restructuring in World, factsheet number 200831, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200831.
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