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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
2,500 jobs Number of planned job losses
Announcement Date
25 August 2009
Employment effect (start)
Foreseen end date
31 August 2010
Description
On 25 August, the Oerlikon group announced its plans to cut 2,500 employees worldwide by the end of August 2010. The main shareholder - the Russian group Renova - pushed out the chief executive and launched a cost cutting plan, which envisages the sale of the company's textile and drive systems units.
The Oerlikon group is divided in six business units (textile machines; thin-film coating; production plants for thin-film silicon solar modules; vacuum systems; drive systems; and advanced technology). It has around 16,500 employees worldwide.
Sources
25 August 2009: Reuters
Citation
Eurofound (2009), Oerlikon, Internal restructuring in World, factsheet number 69844, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69844.
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