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.
Steyr Automotive, headquartered in Steyr, has announced a reduction in its workforce of 200 employees due to a decline in orders that cannot be offset by internal adjustments.
This latest development follows a series of reductions implemented since investor Siegfried Wolf assumed control of the plant three years ago, following MAN's initial closure plans. The company's production has decreased by 20% across all sectors, necessitating further staff reductions. The number of employees at the former MAN plant is expected to fall below 1,000, down from over 2,000 three years ago. The decline is also attributed to weak demand for electric trucks.
In response, the local mayor, Markus Vogl, has called for an industrial summit to explore future prospects and improve conditions. Staff were informed of the job cuts just before the summer break. The labour market service (AMS) has been notified about the layoffs.
Eurofound (2024), Steyr Automotive, Internal restructuring in Austria, factsheet number 201487, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201487.