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.
Construction company YIT Industrial and Network Services Ltds Network Services business unit has carried out personnel negotiations to boost operational efficiency and reduce personnel to match the changed market situation. The need for personnel cutbacks has been confirmed to amount to 308 persons. Of the reductions, 92 will be made through pension arrangements, layoffs, transfers to new positions and other solutions. 216 persons will be made redundant due to reasons of economy and production.
The bulk of the cost effects of the personnel cuts about 6 million euro will be recognized in the third-quarter result of 2006. The final cost effects depend on the success of the employment measures that will be initiated after the conclusion of the personnel negotiations. Additional costs could amount to about 3 million euro at most and will be recognized in the result for the first half of 2007. The placement of those dismissed into other positions at YIT will be supported, and all those made redundant will be offered the opportunity to participate in job-seeking coaching that is paid for by the employer.
YIT Industrial and Network Services will also arrange additional and supplementary training for new tasks. Personnel cuts were necessary because the market situation of the Network Services business unit has weakened significantly and permanently during the present year. Investments by teleoperators, maintenance works and repairs have decreased and the peak in broadband connection deliveries has levelled off. The solution that is now being implemented serves to adapt resources to match lower demand. About 1,200 people work for the Network Services business unit.
In July 2006, the YIT Industrial and Network Services - part of a versatile service company that offers technical infrastructure investment and upkeep services for the property and construction sector, industry and telecommunications - started personnel negotiations concerning efficiency-boosting measures and possible labour cutbacks.
The YIT group has over 21,000 employees in eight countries.
Eurofound (2006), YIT, Internal restructuring in Finland, factsheet number 63835, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63835.
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