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.
On 18 August 2008, the engine manufacturer Deutz announced the details of its restructuring programme. 800 jobs are to be cut worldwide. After negotiations with the works council, Deutz management stated that 650 jobs will be cut at its headquarters in Cologne and at its production site in Herrschenbach. The management furthermore released detailed information on the timelines for the job reduction scheme: 500 jobs have to be reduced by the end of 2009. Another 150 jobs might follow in the first quarter in 2010 (depending on the order situation). Dismissals due to operational reasons are to be avoided, if possible. Management and works' council agreed to implement the job cuts in a socially acceptable manner. Measures include an early retirement scheme and the cooperation with a transfer agency to take on surplus employees. Further negotiations on job downsizing are to be held for other locations. At the end of 2008, Deutz employed 4,930 workers. By reducing personnel costs, the company seeks to balance its losses due to an ongoing slump in demand.
Eurofound (2009), Deutz, Internal restructuring in World, factsheet number 69274, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69274.
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