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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.9 - Manufacture of other special-purpose machinery
1,450 jobs Number of planned job losses
Announcement Date
16 April 2015
Employment effect (start)
1 May 2015
Foreseen end date
31 December 2016
Description
German technology group Gea has announced plans to cut 1,450 jobs across its European workforce by the end of 2016.
The job reductions are part of the company’s restructuring plans which aim to reduce cost by 125 million euros from 2017 onwards. Initially, the company had announced in August 2014 in its ‘Fit for 2020’ restructuring plans that it would cut only 1,000 jobs, but the headcount has now risen to 1,450.
The company expects that the restructuring plans will cost around 100 million euros in 2016, but generate savings of up to 125 million euros per year from 2017 onwards. The company currently employs around 18,000 people worldwide.
Sources
16 April 2015: Handelsblatt online
20 April 2015: Coolingpost.com
Citation
Eurofound (2015), Gea Group, Internal restructuring in European Union, factsheet number 79461, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79461.
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