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.
Magna Steyr, specialists in automotive engineering and vehicle assembly is to cut its workforce by about 600 out of 8,000 employees at its production site in Graz. This means that about 350 temporary agency workers and 250 regular staff stand to lose their jobs by the end of 2008. According to Daniel Witzani, a company spokesperson, restructuring has become necessary since the production of a certain BMW automobile model is about to expire. However, in 2010 at the latest, part of these employees might be re-employed again, because new production lines will start then. The employees affected by dismissals will be covered by a re-employment scheme, which is co-financed by the company, the Labour Market Service and the regional government of Styria. The company has around 20 plants throughout the country employing around 10,000 workers in total.
As reported, Austria has applied for assistance from the European Globalisation Adjustment Fund (EGF).
Eurofound (2008), Magna Steyr, Internal restructuring in Austria, factsheet number 67015, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67015.