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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25.11 - Manufacture of metal structures and parts of structures
340 jobs Number of planned job losses
Announcement Date
17 February 2015
Employment effect (start)
17 February 2015
Foreseen end date
17 February 2019
Description
Vacuumschmelze, a German manufacturer of magnetical material, will cut 340 out of 1,450 jobs in Hanau within the next four years.
The company claims increased competition from Chain as well as increses in prices and costs are the main reason for the job reduction. According to the compnay, the job reducation shall be implemented in a socially acceptable manner. The employees were appalled after the announcement and trade union IG Metall intends to fight these job reduction plans.
Vacuumschmelze is one of the leading companies for magnetical materials and employs 4,100 people in more than 50 countries.
Sources
20 February 2015: FAZ
18 February 2015: Hessischer Rundfunk Online
Citation
Eurofound (2015), Vacuumschmelze, Internal restructuring in Germany, factsheet number 78462, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78462.
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