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 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.
Eurofound (2010), ZF Friedrichshafen, Internal restructuring in Germany, factsheet number 70290, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70290.