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.
According to the Austrian newspaper 'Der Standard' of 20 January 2006, the 2005 acquisition of the former VA Tech concern, including ElinEBG, by Siemens produces its first effects: Allegedly, in between 550 and 650 employees of the new Siemens-ElinEBG company stand to lose their jobs. The paper stated that the companys management board had taken this decision one week before. However, neither the management nor the Metalworking Trade Union have confirmed such redundancy plans so far. The Siemens-ElinEBG group is a leading supplier of integrated electromechanical and electronic plants, systems and services for industrial, building and public-sector infrastructure. Through the merger of the two former competitors overlaps in main business segments have emerged, which are likely to result in redundancies.
Eurofound (2006), Siemens ElinEBG, Merger/Acquisition in Austria, factsheet number 62826, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62826.