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.
Sitech Sitztechnik GmbH, a German car seat manufacturer belonging to the Volkswagen Group, announced on 4 March 2020 that it will be closing its plant in Hannover, which will result in the loss of 450 jobs.
According to the company, as negotiations between the management and the German Metalworker’s Union (IG Metall) regarding the plant’s future failed, and with the plant’s inability to be competitive within the last three years, the decision to stop the production became inevitable. The plant located in Hannover is meant to be closed at the end of April 2020.
An agreement regarding a social plan has yet to be reached, however, Sitech emphasised that the job reduction will be as socially acceptable as possible.
Sitech is a German multi-national company with sites in Germany, Poland and China. It has about 5,400 employees worldwide and 1,700 in Germany.
Eurofound (2020), Sitech Sitztechnik GmbH, Closure in Germany, factsheet number 100100, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100100.