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.
Novartis Österreich, the Austria-based subsidiary of the multi-national Novartis group that operates in the pharmaceutical sector, announced on 18 December 2007 that it is to cut 240 jobs with the closure of its research centre (‘Novartis Institute for BioMedical Research’) in Vienna.
The closure is part of an encompassing restructuring programme which aims at a reduction of 2,500 jobs at sites in Europe and the U.S. A spokesperson of the Austrian subsidiary stated that no dismissals have been notified thus far, since an indefinite number of employees shall be offered an alternative job at another site. For the rest of the workforce the management plans to draw up a social plan together with the works council. According to the management, the job losses are due to a need by the group to cut costs. The trade unions have threatened to take industrial action to prevent the job losses.
See related world factsheet
Eurofound (2007), Novartis, Closure in Austria, factsheet number 66183, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66183.