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. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
European Globalisation Fund (EGF)
Year: 2012, Case number: 11
2,335 - 3,935 jobs Number of planned job losses
Announcement Date
12 January 2012
Employment effect (start)
13 January 2012
Foreseen end date
31 December 2012
Description
On 12 January 2012, the world's biggest maker of wind turbines, Vestas, announced 2,335 job cuts worldwide (about 10% of its workforce) in the framework of a major restructuring plan, which will also probably lead to 1,600 job cuts in the United States. Of the 2,335 job cuts, 1,800 are located in Europe. Vestas already cut 1,900 jobs in April 2009 and 3,000 in October 2010. Vestas is also threatening to make 1,600 employees redundant in the USA, which will undermine President Barack Obama's goal of creating green jobs and adds to pressure on the US Congress to extend a tax credit that Vestas relies on. The company is also facing an increase in competition from Chinese manufacturers.
Sources
12 January 2012: AFP Liaisons
13 January 2012: Les Echos
12 January 2012: Bloomberg Businessweek
Citation
Eurofound (2012), Vestas, Internal restructuring in World, factsheet number 72951, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72951.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
