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.
German engineering and electronics corporation Siemens has announced that 200 jobs will be cut at its plant in Linz, Austria. The job cuts are part of restructuring which was instigated after the sale of part of the plant to the Japanese engineering and electronics company Mitsubishi Heavy Industries (MHI).
According to the source, the metallurgy section of the business will be transferred to a joint venture with MHI. MHI will hold 51% of the new company and Siemens will retain 49%.The new headquarters will be based in Great Britain.
Currently 1600 workers and 300 contract workers are employed at the site in Austria.
Restructuring at Siemens was previously reported in the ERM in 2013.
Update 14-08-14: According to the workers council of Siemens VAI, 290 additional jobs will be cut in Linz due to a lack of orders. By the end of 2014, 190 employees and 100 contract workers will be made redundant. The new figures have not yet been confirmed by the company.
Update 24-09-2014: According to the chairperson of the Siemens VAI works council in Linz, an agreement upon a social plan for approximately 290 employees being made redundant has been reached with the management. Details of the content of this agreement will not be made available to the public.
Eurofound (2014), Siemens VAI Metals Technologies, Merger/Acquisition in Austria, factsheet number 76978, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76978.
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