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.
Electrolux, the global leader in home appliances, has announced over 3,000 job cuts across the world. This is due to a decline in customer orders facing the global financial crisis. The staff reduction is to be implemented by the end of 2008 and in the course of 2009. Cost savings are expected to reach SEK 1.1 billion per year. The firm with 56,000 employees worldwide tends to minimize production costs by moving business units offshore to lower cost countries such as Mexico and Thailand.
Eurofound (2008), Electrolux, Internal restructuring in World, factsheet number 67662, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67662.