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 industrial company Thyssenkrupp Polysius, which specialises in the manufacturing and sales of plant and machinery for the cement and ore industry, has announced that it will cut around 150 jobs at its headquarters in Beckum, North Rhine-Westphalia.
The reasons given for the job cuts are insufficient business volume and excessively high structural costs. The company therefore intends to reduce its product portfolio, reduce management levels, cut structural costs and reduce staff. The workforce is to be reduced by 150 employees. It is not yet known when the measures will be finalised.
According to the company, a reconciliation of interests and a social plan for the transformation was concluded between the works council and management on Monday. In addition, Thyssenkrupp-Polysius is attempting to avoid compulsory redundancies through a voluntary redundancy programme.
The internationally active company Thyssenkrupp-Polysius has 28 locations worldwide and employs around 3800 people.
Update 08/10/2024
As announced on 08 October 2024, another 150 jobs are set to be cut by Thyssenkrupp Polysius. The company justifies this by citing its difficult economic situation and the shift to green technologies. The company is currently in talks with the works council about how the job cuts will be implemented. All departments, except for production, are affected.
Eurofound (2024), Thyssenkrupp Polysius, Internal restructuring in Germany, factsheet number 201503, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201503.