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.
Lanxess, the German chemicals company which went public recently, has revealed that it intends to cut up to 1,200 jobs. Chairman Axel Heitmann explained that Lanxess, which is a spin-off of German chemicals and pharmaceuticals group Bayer, was facing serious challenges and was unable to benefit from the current upturn in the chemicals sector. The company will soon start negotiations with employee representatives regarding the planned job cuts.It is examining whether to concentrate production of its styrenic resins at one plant, possibly closing either a plant in Dormagen, Germany, or Tarragona, Spain. A decision is expected by June 2005.
In June 2005, the company announced that the job losses (960) would occur in Germany. No direct dismissals are foreseen.
Eurofound (2005), Lanxess, Internal restructuring in European Union, factsheet number 61479, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61479.