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.
Management at Keiper, which manufactures car seats, have reached an agreement with the staff council and trade unions over a new pay deal that saves jobs. Keiper, which employs around 3,000 people in Germany, had originally planned to move production to its Polish site and cut 672 jobs. With the new agreement, 250 jobs will go and around €140 million will be saved in staff costs till 2010. Under the terms of the agreement, staff will work more flexible hours, bonuses and Christmas pay are to be cut, and a pay increase will be postponed. Company management will also see their salaries reduced by 10%. In return, Keiper is to invest €150 million in Germany and will not introduce further involuntary redundancies before 2009.
Eurofound (2005), Keiper, Merger/Acquisition in Germany, factsheet number 61342, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61342.