EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany
Region: Essen, Kreisfreie Stadt; Düsseldorf; Nordrhein-Westfalen
Location of affected unit(s): Essen


Sector: Real estate
Real estate activities
68.2 - Rental and operating of own or leased real estate
Number Employed: 1595
Group: Terra Firma

Employment Effects

Announcement Date: 13-06-2005
Planned Job Reductions min: 500
Planned Job Reductions max: 600
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2005
Foreseen End Date: 31-12-2005

Additional Information

Viterra, a company specialising in the large-scale management of housing, is reported to cut one third of its work-force. Viterra was recently sold by energy-giant E.ON to British hedge fund Terra Firma. Terra firma wants to focus Viterra's business and will close the departments for development and data processing. The way job losses will be managed was not disclosed.