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.
Voith Group, active in mechanical engineering, announced plans to cut 710 positions at its plants in Germany and Austria. At a later stage this was corrected to 670 job cuts.
According to the company, based in Heidenheim, Germany, these job cutting measures have become necessary in order to adjust to the new market situation.
The announced job cuts are intended to take place at three locations in Germany, i.e. Heidenheim, Ravensburg, Krefeld and at its Austrian plant in St. Pölten. The job reduction will affect staff both in the company’s administration and its production departments.
The company has emphasized its commitment to implement these job cuts in a socially acceptable way, to fully cooperate with employee representatives and where possible to offer alternative jobs to those workers affected by the redundancies.
The family-owned company currently employs around 40,000 staff and operates in 50 countries worldwide.
Eurofound (2012), Voith, Internal restructuring in European Union, factsheet number 74729, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74729.