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.
In 2006, Nokia and Siemens, two of the larger communications companies in the world, announced the creation of the joint venture Nokia Siemens Networks that became one of the three largest telecom providers in the world. Nokia Siemens Networks has approximately 60,000 employees in the world and is headquartered in Helsinki, Finland. On 4 May 2007, the company announced a huge reorganisation plan that envisages the loss of around 9,000 jobs by 2010 in order to reduce the costs of the new company. In particular, the plan provides for 1,700 job cuts in Finland and between 1,900 and 2,900 job losses in Germany. The Group currently employs 13,000 people in Germany. Among the affected jobs, 850 are expected to be cut at phone operating services and another 600 at sales, marketing and respective services. There is no information on unit closures. A spokesperson of German trade union IG Metall said the union is requesting more information and that protests are not ruled out.
Update: On 29 June NSN reported that the German works council agreed to the cut of 2290 jobs in Germany. Negotiations to settle a social plan will continue in July.
Eurofound (2007), Nokia Siemens Network, Internal restructuring in Germany, factsheet number 65329, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/65329.
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