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.
On 28 February 2017, shipbuilder Blohm + Voss announced to cut 300 jobs in Hamburg. The shipyard has been struggling over the last few years with high cost structures, missed investments and a low volume of orders. Only last year shipyard group Lürssen, headquartered in Bremen took over Blohm+ Voss. The take over included a restructuring plan and investments for the company to become more competitive.
Management announced to start negotiations with the works’ council soon. The employment agency and the German Metalworkers’ Union want to find socially acceptable solutions. However, the company did not rule out compulsory redundancies. The restructuring will be implemented within the next months, an exact time schedule has yet to be released.
Moving forward, the company plans to focus on strengthening its navy and yacht business. Blohm + Voss employs about 1,000 members of staff in Hamburg.
Eurofound (2017), Blohm + Voss, Internal restructuring in Germany, factsheet number 90481, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90481.