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.
Bayer Kruisschans, a subsidiary of Bayer Group and a manufacturer of plastic products, is to cut 205 jobs at its site in Kruisschans. Management at the firm attribute the decision to the need to increase efficiency and save costs in the face of rising energy and wage costs. Bayer Kruisschans employs 950 at its Kruisschans plant. 155 of the job losses will take the form of direct dismissals, whilst 50 other employees will be transferred to other Bayer Group subsidiaries. The job losses are due to be implemented during 2008. Belgian trade unions have condemned the job cuts. They argue that the company’s financial results are healthy and also note that the firm cut 600 jobs in 2004. Lanxess, another subsidiary of Bayer Group, also announced 127 job losses in Antwerp in September 2007.
Eurofound (2007), Bayer Kruisschans, Internal restructuring in Belgium, factsheet number 65867, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65867.