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.
High quality steel producer Böhler Edelstahl is to cut 120 jobs at its headquarters in Kapfenberg, Styria, by the end of April 2010. This was announced by Böhler's parent company voestalpine on 1 February 2010.
According to management, the restructuring measure would be inevitable for the firm to remain competitive. Extending existing short-time work arrangements, which had expired at the end of January 2010, would no longer be economically reasonable, management said. The number of job cuts might however be reduced over the next weeks depending on incoming orders. In addition to the planned dismissals, an indefinite number of temporary agency workers will be dismissed. Moreover, vacancies due to retirement will not be filled.
The employees affected will be entitled to receive support from the voestalpine Stahlstiftung that offers training and other re-employment measures.
Eurofound (2010), Böhler Edelstahl, Internal restructuring in Austria, factsheet number 70167, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70167.