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 will close several locations and cut 1,600 jobs worldwide, 870 of them in Germany. The company plans to sell its Industrial Services unit. The unit currently employs a total of 18,000 persons which is nearly half of all Voith employees.
The locations of Krefeld in North Rhine-Westphalia and Neuwied in Rhineland-Palatinate will be closed, production in Ravensburg and the steel structure and mechanical production in Heidenheim will be shut down. The measures are to be completed by the end of September 2016. At Krefeld 170 jobs are lost, 50 jobs will be relocated to other locations. During the last years, Voith already reduced staff numbers at several locations (see FS 2012 and 2014).
UPDATE 09-04-2015: As reported by Handelsblatt, fewer jobs will be cut than announced originally. In Heidenheim, 300 instead of 700 positions will become redundant. At other sites, management and works council are still negotiationg final numbers.
Eurofound (2015), Voith, Closure in Germany, factsheet number 78273, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78273.
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