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.
Due to a weakening market in car sales, the automotive industry sub-contractor Gestamp Hardtech announced a reduction of 100 employees. The CEO sees 2009 as a year of survival for the factory, while he hopes for an upturn in the market in two years. It is not yet decided exactly which employees will have to leave the company, in accordance to Swedish legislation on employment which states that those who have worked the shortest period of time will be the first one to leave the company in case of redundancy.
Gestamp makes safety components for cars. One of their largest customers is Volvo which stands for 35% of the production at Gestamp. The company is owned by the Spanish Gestamp Group.
Eurofound (2008), Gestamp HardTech, Internal restructuring in Sweden, factsheet number 67676, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67676.