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.
Hapag-Lloyd, a leading liner shipping company, announced its plans to cut 120 jobs in 2010. According to a brief Handelsblatt note, management and works council of Hapag-Lloyd, owned by German company TUI and by a German consortium, agreed on a saving plan to reduce annual costs by EUR 600 million. The plan contains the extension of short-time working in Germany until the end of April 2010 and the cutting of 120 out of 1,100 jobs in 2010. Managers' salaries will be reduced by 20%, employees' wages will be cut by 5%.
Currently, Hapag-Llyoyd employs a German workforce of 1,100 and a global workforcew of 7,500.
Eurofound (2009), Hapag-Lloyd, Internal restructuring in Germany, factsheet number 69515, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69515.