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.
For the second time in 2016, Canadian airplane and train manufacturer Bombardier is to make large-scale lay-offs, with 7500 jobs to be cut over the next two years. This results in a total reduction of 20% of the company’s workforce. Two thirds will be in the transportation department, with the remainder in the aerospace division. These are expected to save around $300 million (€ 274.5 million) by the end of 2018. Around 3,750 new hires will occur as part of this restructuring. Of the announced cuts, 2,000 will be in Canada (1,500 in Quebec), with others likely to fall at Bombardier’s plants in Derby and Belfast. In the case of Belfast, 1,080 jobs are in the process of being cut as part of redundancy measures announced earlier this year, with this likely to be increased. Job security in the UK for some has increased, with Bombardier winning a contract to build 665 train carriages, as well as tabled bids for new trains on the London Underground and the upcoming High Speed 2 rail network.
This is the second round of dismissals announced by Bombardier this year. In total, taking into account the 7,000 job cuts announced in February, the company will reduce its workforce by 20%.
Eurofound (2016), Bombardier, Internal restructuring in World, factsheet number 88999, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88999.