EMCC European Monitoring Centre on Change

Fraport

Company/Organisation:
Fraport

Geographic Location

Country: Germany
Region: Frankfurt am Main, Kreisfreie Stadt; Darmstadt; Hessen
Location of affected unit(s): Frankfurt am Main

Company

Sector: Transportation / storage
Transportation and storage
52.23 - Service activities incidental to air transportation
Number Employed: 22000

Employment Effects

Announcement Date: 04-08-2020
Planned Job Reductions min: 4000
Planned Job Reductions max: 4000
Type of Restructuring: Internal restructuring
Employment Effect Start: 04-08-2020
Other Job Reduction Measures: 4000

Additional Information

As announced on 4 August 2020, Frankfurt Airport operator Fraport will cut between 3,000 and 4,000 jobs in Frankfurt due to internal restructuring. The COVID-19 crisis has hit Fraport hard, as passenger volume between April and June 2020 was 94.4% lower than in the previous year. Furthermore, sales dropped by half to €910 million with a net loss of €231,4 million. The management expects a recovery to a pre-Covid-19 standard in two to three years, making a job reduction necessary. 

According to Fraport, compulsory redundancies are to be avoided, however, they are not excluded. Job cuts will mainly be accomplished via natural fluctuation and other socially acceptable measures.  

Currently, Fraport has 22,000 employees.   

 

UPDATE 04/11/2020:

As announced on 4 November 2020, Fraport is cutting 4,000 jobs. 1,600 employees will leave the company via a voluntary programme, 1,600 employees will leave the company via natural fluctuation and another 800 employees are in negations regarding their leave.