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.
Otovo, a Norwegian solar panel company, has announced plans to cut 166 jobs globally within the coming weeks.
The restructuring programme will affect 13 locations across Europe, including 28 positions in Switzerland, Germany, and Austria.
The layoffs are part of a cost-cutting program aimed at saving up to NOK 225 million (€19.27 million) annually. Otovo will centralize its operations by establishing a shared service centre in Spain to enhance efficiency. At the end of August 2024, the company reported that it had growth in several markets, but the performance did not compensate for the poor results in Spain and Scandinavia. The restructuring follows earlier efficiency measures, including 65 job cuts in late 2023.
Otovo operates in 13 European countries: Austria, Belgium, France, Germany, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, UK.
Eurofound (2024), Otovo , Internal restructuring in World, factsheet number 202154, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202154.