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.
On 27 April 2009, the automotive supplier Mahle announced to cut 424 jobs at its German production site in Alzenau (Bavaria). At the site, production is to be phased out at the end of July 2009. Job cuts in Germany are a part of a global cost reduction programme affecting around 10% of the 49,000 strong workforce. Jobs are also lost in Northern and Southern America.
Mahle suffers from a dramatic decline in sales. In addition, it profits shrunk due to the increase of interest expenses and the accrual requirements for currency and raw materials. The pension plans in the USA and Great Britain had also required increased accruals.
Eurofound (2009), Mahle, Closure in Germany, factsheet number 68833, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68833.