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.
The Finnish digital services and software company Tietoevry has initiated cooperation negotiations in its Tech Services subsidiary with the plan to cut 120 positions in Sweden and a total of 500 roles globally. In addition to Finland, lay-offs will target Finland, Norway, Czech Republic and India and will impact up to 6% of the Tech Service’s total staff. The lay-offs will take place gradually during 2023, focusing on Q2 and Q3.
The cooperation negotiations are a result of Tietoevry’s merge of two of its’ branches, Tietoevry Transform and Tietoevry Connect into the new Tech Services branch. The merge was initiated in late 2022 and concluded in April 2023. The company has decided to streamline and downscale services as part of the new structure, and is considers selling the newly emerged subsidiary.
Tietoevry has undergone large recruitments in Finland in both early and late 2021. The company has laid off 600 staff in the Nordic countries in early 2022 and another 250 in Sweden, Norway, Finland and India in late 2022.
Tietoevry is a multinational company headquartered in Finland. Tietoevry employed 423 people in Sweden in 2021 and 24,000 people globally. Tietoevry Tech Services employees around 8,000 persons globally.
Eurofound (2023), Tietoevry, Merger/Acquisition in Sweden, factsheet number 109023, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/109023.
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