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.
PSA, France-based manufacturer of passenger cars, employing 208,500 people worldwide and 134,000 in the EU, announced an 'action plan' intended to restore the profitability of the group. In Europe, two group's marks 'Peugeot' and 'Citroën' jointly lost half of their market share (13.3%) during the first eight months compared to the same period in 2005. In 2005, PSA sold 3.39 million of vehicles in 150 countries worldwide. PSA announced that the group will stop certain investment projects (in Slovakia) and cut 10,000 jobs in Europe representing a decrease of 7.5% till the end of 2007. France, Spain and the United Kingdom (in Ryton some 2,500 jobs are to be lost) would be the only countries affected. Thus, some thousands of temporary jobs and term contracts will be terminated. The company is headquartered in Paris, France.
Eurofound (2006), PSA Peugeot-Citroën, Internal restructuring in European Union, factsheet number 64150, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64150.