Communiqué March 2006

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Expanding business activities in manufacturing, retail and transport sectors

The Foundation’s European Restructuring Monitor Quarterly reports continued net job losses across the 27 countries it monitors. More than half of the new jobs announced are located in the new EU Member States.

A total of 80,485 new jobs were announced in Europe’s financial media as a result of 146 company restructuring cases reported in the latest European Restructuring Monitor Quarterly for the last quarter of 2005. In total, the European Restructuring Monitor (ERM) recorded 360 cases of company restructuring across the area it monitors: the former EU15, the 10 new Member States and two acceding countries, Bulgaria and Romania. Over half of the planned new job creations – 44,126 – related to expanding business activities in the new EU Member States. Poland (18,002), Romania (13,195) and Slovakia (12,929) expect to create the new jobs, mainly in the manufacturing, retail, and transport and communication sectors.

During the same period, some 101,698 job cuts were announced. The majority of job losses were as a result of internal restructuring, bankruptcies and closures, with manufacturing, the financial sector, and public administration being most affected.

Trend in line with previous quarter

The overall number of job losses and job creations due to business restructuring and expansion over the last three months of 2005 are in line with the third quarter of 2005. The highest number of announced restructuring cases are once again located in the UK (54 cases), followed by Poland (46), Germany (45), Romania (28), the Czech Republic (22) and France (21).

However, the figure for job losses in Romania doubled in the last three months of 2005, amounting to 16,226 compared with 8,585 job losses in the third quarter. In Germany and the UK, the number of announced job losses remains high at 21,533 and 20,456 respectively. In Poland, the number of job losses has increased during the last quarter of 2005, up from 1,957 to 5,470 announced job losses.

A closer look at Sweden

The latest European Restructuring Monitory Quarterly also provides a country profile of Sweden, exploring the economic and labour market issues related to company restructuring. During the fourth quarter of 2005, the Swedish labour market was only lightly affected by restructuring, with some 1.96 job losses announced per 10,000 employees. The Quarterly also provides an insight into the EU chemicals sector.

Read more on the EMCC website

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