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 printer of banknotes Giesecke & Devrient (G&D) is to cut around 950 out of 4,000 jobs in Germany by the end of 2016. Most of them will affect the company’s headquarters in Munich where 630 jobs shall be cut and 150 will be relocated as G&D will shut down this location.
The management named overcapacities on the market and a high price pressure as the main reasons for the job reduction. The company’s profit has decreased by 90 pc to €2,6 million in 2013. According to the company’s CEO, the company needs to save costs to secure jobs in the long run.
G&D is a worldwide operating company. The job reduction will not only affect Germany. G&D intends to cut 8 pc out of 12,000 jobs worldwide. Over the past years, G&D implemented several restructurings (see G&D 2009, G&D 2013-1, G&D 2013-2).
Eurofound (2014), Giesecke & Devrient (G&D), Internal restructuring in Germany, factsheet number 77992, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77992.