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, specialist in automotive engineering and vehicle assembly, is to continue its redundancies programme, resulting in the loss of 150 to 200 jobs at its plant in Graz. The job losses will be implemented in 2009. According to management, further restructuring has become necessary since production capacities regarding particular Chrysler automobile models have to be reduced to cope with declining sales in the U.S.market. However, in 2010 at the latest, some of the redundant 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.
Eurofound (2008), Magna Steyr, Internal restructuring in Austria, factsheet number 67199, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67199.