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.
Siemens Kolejová vozidla, the leading manufacturer of rail vehicles in the Czech Republic and a subsidiary of Siemens Transportation Systems, has announced the closure of its site in Prague with over 1,000 jobs threatened. Siemens plans to sell the plant by September 2009. Trade unions entered into strike readiness in order to save jobs. The company's decision is due to low Czech customer's demand resulting in financial loss of CZK 400 million in 2007 and is also connected with global changes and the company's global strategy which envisages17,000 redundancies. On 26 August 2008 trade unions negotiated higher severance pay amounting to 16 monthly wages (previously the company offered 8 – 12 wages) in case of the closure of the plant. The company also promised generous bonuses in case of ownership's change.
For more information, see EIRO report.
Eurofound (2008), Siemens Kolejová vozidla, Closure in Czechia, factsheet number 66905, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66905.
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