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. 28.1 - Manufacture of general-purpose machinery
200 jobs Number of planned job losses
Announcement Date
9 May 2017
Employment effect (start)
9 May 2017
Foreseen end date
Description
On 9 May 2017, ATB Schorch, producer of electrical machines mainly for the oil & gas, chemical and energy sector, announced to cut at least 200 out of its 401 jobs.
ATB Schorch filed for insolvency, which will be proceeded under its own management. The company stated an inability to pay due to a difficult market situation resulting from a drop in oil price. The company's business operations will be continued and wages for the next three months will be paid through the insolvency substitute benefits from the Federal Employment Agency.
ATB Schorch did not name any timeline for the job cuts.
Sources
9 May 2017: rp-online.de
10 May 2017: WDR
Citation
Eurofound (2017), ATB Schorch, Bankruptcy in Germany, factsheet number 90871, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90871.
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