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.
A new management team has been put in place, including a new Chief Executive appointed in March 2004 tasked with conducting a comprehensive review of the German business and the competitive environment. The company wishes to focus the business on the areas in which it is making the best returns over the medium term and to significantly reduce capacity in the weaker areas. A substantial number of headcount reductions (250 to 300) and related overhead savings will be necessary to achieve a cost base consistent with revenues in the consulting business. These measures should be implemented during the second half with some benefits to the cost base in the fourth quarter. The costs of achieving these savings are expected to be approximately £17 million and will be accounted for as an exceptional item during the second half. This action, which will reduce the cost base by a similar amount on an annualised basis, will be a key factor in the plan to return the German business to profitability in 2005.
Eurofound (2004), Logica, Internal restructuring in Germany, factsheet number 60566, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60566.
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