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.
As announced on 14 September 2017, the German mechanical engineering company MAG will cut 123 jobs in Eislingen due to a restructuring programme implemented by the Fair Friend Group (FFG), which MAG is part of.
Management and works council started negotiations a year ago but could not agree on a partial retirement programme. However, they now have agreed on a socially acceptable and voluntary staff reduction. Employees, who are willing to leave the company voluntarily, must accept the agreed upon social plan by the end of September.
Currently MAG has 800 employees.
Eurofound (2017), MAG IAS, Internal restructuring in Germany, factsheet number 91934, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91934.