Company restructuring and the twin transitions: Evidence from the European Restructuring Monitor
Published: 18 September 2025
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring Monitor (ERM), alongside a new classification of restructuring events involving changes in company location.
Recent restructuring trends (2021–2024) are examined in light of the digital and green transition. Longer-term trends (2014–2024) are analysed in relation to companies’ strategic decisions in choosing their geographical location, particularly offshoring, reshoring and relocation.
The findings suggest that, among large companies, the digital and green transitions mostly occur as either greening or digitalisation-related restructuring, rather than as a ‘twin’ transition. The announcements show how these transitions have generated shifts in the labour market, resulting in more job creation than job destruction. It is also evident that the digital transition rarely acts as a driver of geographical change for a company, while the green transition seems to have some influence.
This section provides information on the data contained in this publication.
The Eurofound research paper contains the following lists of tables and figures.
List of tables
Table 1: Large-scale restructuring events in major technology companies, EU27, 2023–Q1 2025
Table 2: Sex composition and employment impacts in sectors most affected by the digital and green transition, EU27, 2024
Table 3: Announced job losses by social partner involvement, EU27, 2021–2024
Table 4: Most recent large offshoring cases mentioning the green transition as a factor, 2024
Table 5: Keywords used to identify ERM large restructurings linked to the green transition
Table 6: Keywords used to identify ERM large restructurings linked to the digital transition
Table 7: Keywords used to identify ERM large restructurings linked to the twin transition
Table 8: Keywords used to categorise social dialogue in ERM large restructuring events
Table 9: Outputs from the latent Dirichlet allocation
List of figures
Figure 1: Job gains and losses in large-scale restructuring announcements, EU27, 2021–2024
Figure 2: Job gains and losses in restructuring announcements referring to the green transition, EU27, 2021–2024
Figure 3: Actions undertaken by restructuring companies to support the green and energy transitions, EU27, 2021–2024 (%)
Figure 4: Job gains and losses in restructuring announcements referring to the energy transition, EU27, 2021–2024
Figure 5: Job gains and losses in restructuring announcements referring to digitalisation, EU27, 2021–2024
Figure 6: Share of companies restructuring due to digitalisation, by sector (NACE), EU27, 2021–2024 (%)
Figure 7: Share of companies undergoing restructuring by sector, citing the green and/or digital transition as a driver, EU27, 2021–2024 (%)
Figure 8: Share of restructuring cases citing the green and/or digital transition, by Member State, EU27, 2021–2024 (%)
Figure 9: Twin transitions at company level, EU27, 2021–2024 (%)
Figure 10: Share of large restructuring announcements mentioning social partner involvement, EU27, 2021–2024 (%)
Figure 11: Normalised share of restructuring announcements involving social partners, by sector and restructuring reason, EU27, 2021–2024
Figure 12: Share of restructuring cases mentioning social partner involvement, EU27, 2021–2024 (%)
Figure 13: Actions implemented by presence or absence of social partner involvement in large restructuring announcements involving job losses, EU27, 2021–2024 (%)
Figure 14: Number of announcements of offshoring and partial offshoring, EU27, 2003–2024
Figure 15: Total number of announced job losses in large offshoring events, by country, EU27, 2003–2013 and 2014–2024
Figure 16: Offshoring destination country from EU27-based companies, by number of announcements, 2014–2024
Figure 17: Company ownership by number of offshoring announcements, 2014–2024
Figure 18: Announced employment changes in large-scale restructuring events in the manufacture of batteries and accumulators (NACE 27.2), by ownership nationality, EU27, 2014–2025
Figure 19: Number of offshoring announcements in manufacturing subsectors, EU27, 2003–2013 and 2014–2024
Figure 20: Reshoring by country, number of company announcements (all company sizes), EU27, 2014–2024
Figure 21: Large restructuring relocations by number of company announcements, EU27, 2014-2024
Learn more about the authors of this publication.
Eurofound recommends citing this publication in the following way.
Eurofound (2025), Company restructuring and the twin transitions: Evidence from the European Restructuring Monitor, Eurofound research paper, Publications Office of the European Union, Luxembourg
ISBN
978-92-897-2500-2
Number of pages
44
Reference no.
EF25023EN
ISBN
978-92-897-2500-2
Catalogue number
TJ-01-25-018-EN-N
DOI
10.2806/2652060
Permalink
https://eurofound.link/ef25023
Activity
Publication series
18 September 2025
