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 automotive supplier Valeo has announced the closure of its electric motor production plant in Bad Neustadt, Bavaria, which will result in around 300 employees losing their jobs.
The reasons given by the company are that orders at the site have declined and production is to be relocated to Poland in future for cost reasons. The job cuts are to be completed by July 2024 and will affect employees in production; employees in the research and development department are not affected by the measures.
The social plan negotiated by the company with the works council provides for severance payments and the establishment of a transfer company. The IG-Metall trade union criticised the planned closure and attempted to defend itself against the partial closure with protest rallies, but to no avail.
Valeo employs around 8,000 people at 24 locations in Germany.
Eurofound (2023), Valeo, Offshoring/Delocalisation in Germany, factsheet number 201160, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201160.
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