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.
The US multinational conglomerate General Electric (GE) announced it will cut 1,600 jobs in its power plant division. Two locations facing closure include GE Power Conversion in Berlin (600 employees) and GE Grid Solutions in Monchengladbach (350 employees). Additional jobs cuts will fall in Stuttgart, Mannheim and Kassel. The exact distribution of the reductions has yet to be announced.
According to management, recent business figures necessitate cost saving measures through redundancies. Negotiations regarding a social plan will start shortly. Afterwards, GE will announce a time frame regarding the job reduction measurement. The German Metalworkers’ Union (IG Metall) is very critical of the move and is calling for protests at GE’s headquarter in Frankfurt.
Worldwide, GE is planning to cut 12,000 jobs in its power plan division.
GE has 10,000 employees at 50 sites in Germany.
In January of 2016 GE already announced to cut 1,100 jobs in Germany. This job reduction measurement was implemented starting February 2017 and will conclude December 2018, mainly affecting GE’s sites in Mannheim and Bexbach.
Eurofound (2017), General Electric, Closure in Germany, factsheet number 92749, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92749.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
