Ebusco, a Netherlands-based motorized vehicle producer, has submitted a request to the Netherlands Workers Insurance coverage Company (UWV) and knowledgeable commerce unions about its plans to restructure, impacting 102 Full-Time Equivalents (FTEs), or almost 16.5 per cent of its workforce as of September 30, 2024.
The affected positions are primarily within the manufacturing, warehouse, and facility departments. The restructuring, a part of Ebusco’s Turnaround Plan, features a social plan for workers aiming to steadiness decision-making pace with care for employees throughout this difficult interval.
Christian Schreyer, CEO of Ebusco, says, “Though this determination is troublesome for the affected workers, it’s a essential step to enhance Ebusco’s monetary efficiency.”
“Cutting down the inhouse manufacturing within the Netherlands is a crucial a part of our technique and these measures are aimed toward right-sizing the corporate and reinforcing Ebusco’s core strengths in gross sales, design and engineering.”
“Though it was initially supposed to unfold this adjustment over an extended interval, we’ve now chosen to expedite the method and supply readability inside a shorter timeframe. The measures are important, and we’re absolutely dedicated to supporting our workers on this transition.”
These organisational restructuring updates intention to optimise the corporate consistent with its Turnaround Plan and transition to the Unique Tools Designer (OED) mannequin, which is predicted to be applied within the first quarter of 2025.
Just lately secured €36M
In November, Ebusco secured €36M in funding via a profitable Rights Problem, with web money proceeds of roughly €27.7M.
Christian Schreyer, CEO of Ebusco, mentions, “This capital increase is important for the continuation of the corporate and I’m happy to get the prospect to maneuver ahead and additional restore the corporate. The approaching months will stay difficult, however with the dedication and willpower I’ve seen at Ebusco, I’m assured we’re capable of enhance our efficiency.”
Ebusco additionally allotted rump shares to Gotion for almost €1.8M as a part of a €5M dedication, which might be used to settle a debt owed to Gotion, as outlined in an settlement introduced on 18 November 2024.
Ebusco plans to carry an Extraordinary Common Assembly (EGM) in Q1 2025 to hunt approval for issuing extra shares to Gotion on the identical value because the Rights Problem. The proceeds will assist cowl the remaining debt, with Gotion having the choice to buy shares to settle the steadiness.
New organisational modifications
In December 2024, Ebusco introduced restructuring plans to create a leaner organisation as a part of its Turnaround Plan and transition to the Unique Tools Designer (OED) mannequin.
The corporate will dissolve the Government Committee and handle operations instantly from the Administration Board, with the COO overseeing core processes. As a part of this modification, present COO Roald Dogge will retire, and Michel van Maanen, the corporate’s Transformation Director, is about to be nominated as the brand new COO.
Moreover, roles reminiscent of Chief Expertise Officer (CTO), Chief Human Assets Officer (CHRO), and Chief Industrial Officer (CCO) might be eradicated. CHRO tasks might be transferred to the CEO, whereas Engineering, Gross sales, and After Gross sales will report back to the brand new COO.
Topic to shareholder approval on the upcoming Extraordinary Common Assembly (EGM), Ebusco’s revised Administration Board will embody Christian Schreyer (CEO), Jan-Piet Valk (advert interim), Peter Bijvelds, and Michel van Maanen.
Temporary about Ebusco
Based in 2012, Ebusco designs, manufactures and distributes zero-emission buses and associated merchandise for the electrical car ecosystem. The corporate goals to advertise sustainable, protected, and reasonably priced transportation options.
The corporate’s buses function in main European cities, together with Amsterdam, Berlin, Munich, and Barcelona. As of June 2024, Ebusco employed 770 employees members and is listed on Euronext Amsterdam since October 2021.
