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 automotive supplier Hörmann will be closing its plant in Penzberg affecting 720 employees (including 90 temporary workers) and relocate its production to Banovce, Slovakia by the end of 2019. Hörmann has made €20 million available for the social plan supporting 630 employees, which yet has to be negotiated. Despite the investment of €40 million into the Penzberg plant since 2008, the plant has never generated any profits and is expected to be in the red with a loss of €8 million this year. Currently, Hörmann has 3,000 employees in Germany.
Eurofound (2019), Hörmann, Closure in Germany, factsheet number 97598, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97598.