Degussa, STEAG, RAG Immobilien

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Mining / Quarrying
05 - Mining of coal and lignite
05 - Mining of coal and lignite
05 - Mining of coal and lignite
1,300 jobs
Number of planned job losses
Job loss
Announcement Date
19 July 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 December 2009

Description

Ruhrkohle AG (RAG) pursues four main areas of activity, focusing on energy and chemicals while continuing with its traditional coal mining and real estate businesses. The corporate group represents a workforce numbering more than 100,000 worldwide and total revenues about EUR 22 billion. RAG plans to merge the Group’s administration department and the administration departments of its companies Degussa (chemical industry), Steag (energy) and RAG Immobilien (real estate). 1300 jobs will be cut within the next three years (FAZ 15.04.06). The plans are part of a widespread restructuring programme to prepare the public offering of RAG shares in the second quarter of 2007. The Mining, Chemicals and Energy Industrial Union (IG Bergbau, Chemie und Energie, IGBCE), which is represented on the Group’s supervisory board, support the plans provided that there will be no compulsary redundancies.

Sources

  • 19 July 2006: Handelsblatt
  • 15 April 2006: Frankfurter Allgemeine Zeitung
  • 19 April 2006: Handelsblatt

Citation

Eurofound (2006), Degussa, STEAG, RAG Immobilien, Internal restructuring in Germany, factsheet number 63342, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63342.