Restructuring events
European Restructuring Monitor (ERM)
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.
Nokia, a multinational telecommunications equipment and data networking company, announced its plans to dismiss up to 148 employees in Finland by the end of 2020. Although this restructuring event affects almost all of Nokia's Finnish units, the focus is on the units based in Espoo. The manufacturing unit in Oulu and the 5G development unit will not be affected by the dismissals. The company seeks to support affected employees through a social programme.
These planned dismissals are part of a restructuring and savings programme that Nokia announced in 2018. This programme is expected to create savings worth €700 million until the end of 2020. As part of this program, the company dismissed 280 staff members in 2019 in Finland. During the past years, Nokia has reduced staff in Finland also in January 2018, April 2018 and June 2017.
Eurofound (2020), Nokia, Internal restructuring in Finland, factsheet number 100082, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100082.
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