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.
Sinitec, the IT services subsidiary of German technologies group Siemens, announced that it is planning to cut 600 out of 1,100 jobs in 29 sites in Germany. Some of these sites are also expected to be closed. The cuts come in response to continued falling demand, and, it is reported, are to be carried out through acceptable means, such as transfers and settlement payments. Sinitec belongs to Siemens Business Services, the services division of the technologies group.
Sinitec has come under fire from the trade union IG Metall for these plans. According to the union, the economic problems have been caused largely by erroneous decisions from the management of Siemens and Sinitec. The union also complains that the parent exerts excessive control over Sinitec and has not given it the opportunity to develop its own strategy.
Eurofound (2004), Sinitec, Internal restructuring in Germany, factsheet number 60810, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60810.