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.
Mobile telephone subcontractor Elcoteq’s personnel negotiations that started on 7 February 2007 have now concluded in Lohja manufacturing plant and in the NPI (New Product Introduction) unit. As a result of the negotiations the company has decided, on financial and production grounds, to make 242 employees in these units redundant and to close the Lohja plant by the end of August 2007. Altogether 215 of the redundancies will be made in the Lohja plant and 27 in NPI.
In March 2007 Elcoteq announced the results of personnel negotiations in Espoo and Salo - 84 employees were made redundant on production and financial grounds. At the same time the company decided to close its operating site in Turku and transfer its activities to Salo.
Elcoteq has been planning personnel cuts of 500 since February 2007, which are part of the company's plans to shut down all manufacturing and production facilities in Finland. Elcoteq employs about 23,000 people around the world, approximately 330 of whom will still be employed in Finland after the job cuts – though only in product development and planning.
In December 2006 Elcoteq announced that it would move its headquarters from Finland to Luxembourg, and would embark on a cost-cutting programme aimed at annual savings of about 20 million Euro.
Last year, Elcoteq’s turnover increased by 3% to 4.2 billion Euro. Profit was 43.9 million Euro, for the whole year, although in the fourth quarter, the balance went into the red.
Eurofound (2007), Elcoteq, Internal restructuring in Finland, factsheet number 64913, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64913.
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