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.
MAN SE, Volkswagen’s truck making division, plans to cut 1,400 jobs as part of a cost saving drive, of which around 1,000 will fall in Germany. It is hoped the cuts will boost profit by around $500 million (EUR 450 million). Operations in Hamburg will change from manufacturing to services, with operations for manufacturing moved to Oberhausen and Bengaluru, India. This is part of a broader drive to reduce spending in the wake of the diesel-emission scandal, as well as diversification into electric and digital technologies across its brand. MAN’s truck unit is one of the less profitable arms of the brand, especially given contractions in the oil and freight industries.
Eurofound (2016), MAN SE, Internal restructuring in World, factsheet number 88809, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88809.