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.
Construction Specialised Construction Activities Specialised Construction Activities 43.12 - Site preparation
215 jobs Number of planned job losses
Announcement Date
12 February 2015
Employment effect (start)
12 February 2015
Foreseen end date
Description
German plant manufacturer M+W Group is to cut 215 jobs in Stuttgart where currently 600 staff are employed. The company will give up its photovoltaic and semiconductors departments. Both departmets suffer from a weak order situation and have run losses for the past three years. According to the company's management, the job recduction measure is necessary for the Stuttgart site to remain financially sustainable. The company has yet to negotiate a social plan with their works council. A detailed timeframe for the job reduction has yet to be announced.
M+W Group is a traditional company founded in 1912 and currently employs around 7,000 staff in more than 30 countries worldwide.
Sources
12 February 2015: Stuttgarter Zeitung
Citation
Eurofound (2015), M+W Group, Closure in Germany, factsheet number 78463, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78463.
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