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.
Swiss manufacturer of heating and ventilation products Zehnder Group has announced plans to cut its workforce by 10 per cent over the next twelve months. The group currently has approximately 3,200 staff worldwide.
In an attempt to reduce costs and increase profitability, the Group will close its sites in Rustington, UK, and Vedelago, Italy. Strategic options are being explored for the manufacturing site in Châlons-en-Champagne, France. The development and production of components for the Compact Energy Centre ComfoBox will be shifted from Switzerland to a Euro-area partner. Additional measures will be announced in the next few months.
Zehnder Group has announced that the cuts will be implemented in as socially acceptable a manner as possible, and will rely on natural fluctuations in the workforce and early retirements wherever possible.
The restructuring comes in response to weak activity in the construction sector, low demand for radiators, and negative currency effects due to the revaluation of the Swiss franc in January 2015.
Eurofound (2015), Zehnder Group, Closure in World, factsheet number 83633, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83633.
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