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.
General Electric Vernova's Offshore Wind division, part of the American multinational's renewable energy branch, has announced a significant downsizing that will affect 360 employees across its sites in Montoir-de-Bretagne and Nantes (Loire-Atlantique).
The restructuring plan will result in the loss of 360 roles. Among those, 140 roles, over half of the workforce, will be cut at the Montoir-de-Bretagne site, which produces nacelles for wind turbines. In Nantes, 220 office positions, representing one-third of the workforce of engineers and managers, are also set to be cut.
In an interview, GE Vernova Chief Executive Scott Strazik explained that rising interest rates and low electricity prices have driven the company to concentrate solely on delivering existing projects rather than seeking new contracts in Europe. This strategic shift underscores the broader economic challenges faced by the renewable energy sector.
Employees have expressed their anger and frustration over the announcement. In a letter to the company’s leadership, they highlighted repeated management errors since 2021, which they believe have exacerbated the current crisis. Workers have already staged protests at the sites, demanding transparency about their futures and fair severance packages. Initial negotiations over redundancy terms have thus far been inconclusive, heightening tensions, particularly among highly skilled employees. Beyond the immediate job losses, workers fear that the two sites could close entirely by 2027, putting a total of 1,400 roles at risk.
In France, GE Vernova employs a total of 7,500 people.
Several prior restructurings have been recorded on the ERM database, with 199 jobs cut in Spain in 2023 General Electric ES - 2023.
Eurofound (2024), General Electric Vernova, Internal restructuring in France, factsheet number 202023, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202023.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
