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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Other Transport Equipment 30 - Manufacture of other transport equipment
1,000 jobs Number of planned job losses
Announcement Date
2 April 2004
Employment effect (start)
2 April 2004
Foreseen end date
31 December 2006
Description
In the framework of the Impact 100 programme, the German aero engine maker MTU, recently acquired by KKR (Kohlberg Kravis and Roberts), is planning job cuts and a major cost-cutting programme in preparation for a debut on the stock market in 2006. MTU is planning to cut costs by 100 million euros and axe 542 jobs over the next three years. In May 2004, the group announced the job losses would amount to 1,000: 770 in Munich, 155 in Hanover and 50 in Brandeburg. The company currently employs 8,000.
Sources
2 April 2004: Financial Times Deutschland
13 May 2004: Les Echos
Citation
Eurofound (2004), MTU Aero Engines, Internal restructuring in Germany, factsheet number 60316, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60316.
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