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.
The Denmark-based manufacturer of taps and valves, Danfoss located in Nordborg, is to cut 850 jobs worldwide. 300 jobs will be lost in Denmark; of these 100 will be achieved through natural wastage. 750 jobs will be cut within administration, service and sales, and 100 jobs - mostly in Denmark - will be cut in production facilities. The job losses are attributed to the global economic downturn which has resulted in a significant decrease in the company's net sales and profit in 2008.
President and CEO Niels B. Christiansen stated that "with these rather extensive reductions, we aim to take the necessary steps to make sure we focus on defending our market shares and ensuring a sound profit, even though the crisis will continue for some time".
Eurofound (2009), Danfoss, Internal restructuring in World, factsheet number 68800, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68800.