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.
The chief executive of Siemens, the German electronics and electrical engineering company, has announced plans to cut up to 11,600 jobs globally. With this plan called "Vision 2020", the group seeks to save 1 billion euro per year by 2016. It will change its organization to create 9 core divisions directly linked to the board instead of the current four sections. The aim is to create a more reactive company and to cut about 7,600 positions of employees working in sector coordination and another 4,000 people carrying out regional cluster analysis "that is not necessary anymore", the CEO said.
The group employs 360,000 employees worldwide and expects to buy part of the French group Alstom, which is already the target of an offer from the US group General Electric. The group made the commitment to create 1,000 positions in France if it buys Alstom. At the same time the CEO said some job cuts will result from compulsory dismissals. This announcement has angered the German union IG Metall, which is not accepting any compulsory redundancies and does not accept the commitment to create 1,000 jobs in France, if Siemens buys Alstom.
Eurofound (2014), Siemens, Internal restructuring in World, factsheet number 77131, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77131.
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