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 Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
550 jobs Number of planned job losses
Announcement Date
10 March 2010
Employment effect (start)
10 March 2010
Foreseen end date
31 December 2010
Description
On 10 March 2010, the automobile supplier ZF Friedrichshafen announced the cut of 550 jobs by the end of 2010. The job cuts affect the company's temporary agency workers. The reduction in staff is part of a cost cutting plan that was negotiated between management and works council.
ZF seeks to reduce its costs by €600 million until 2012 (€200 million in personnel costs). Part of the package is also a reduction in working time and the cutting of extra-pays that are above the general pay scale for a limited time. In return, ZF's core staff was guaranteed their jobs until 2013. ZF currently employs around 8,000 staff in Germany.
Sources
10 March 2010: Handelsblatt
10 March 2010: Financial Times Deutschland
Citation
Eurofound (2010), ZF Friedrichshafen, Internal restructuring in Germany, factsheet number 70290, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70290.
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