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 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.
Eurofound (2012), Vestas, Internal restructuring in World, factsheet number 72951, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72951.