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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
6,000 jobs Number of planned job losses
Announcement Date
10 May 2019
Employment effect (start)
1 July 2019
Foreseen end date
Description
Thyssenkrupp, the German industrial group, announced a plan to cut 6,000 positions worldwide including 4,000 in Germany after it pulled out from a previous joint venture plan with Indian group Tata Steel. Thyssenkrupp has also announced that it was abandoning its plan to split into two separate entities. The operation aimed to satisfy its shareholders and simplify its profile in the markets; the group, whose share is more than 30% below its level of five years ago, manufactures elevators, submarines, car parts and steel coils.
The group will divest itself of its 'elevators' division, which will be listed on the stock exchange. The CEO said that while the company had a good tradition of avoiding compulsory redundancies, this time it would be difficult to avoid forced dismissals.
Eurofound (2019), Thyssenkrupp, Internal restructuring in World, factsheet number 97720, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/97720.
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