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.
TeliaSonera, the largest telecommunications service provider in the Nordic Countries, announced on 8th of February 2008 to start planning personnel negotiations on cutting up to 2,900 jobs - most of them by the end of 2008. On 24th of July 2008 TeliaSonera announced that the reductions will be made during 2008 and 2009.
The company calculates that about 1,000 jobs will be cut in Finland, and close to 2,000 in Sweden to improve the efficiency of production structure toward mobile communications and IP-based services.
The efficiency measures that it plans to enact in Sweden and Finland are aimed at bringing savings of more than EUR 500 million this year and next. TeliaSonera's turnover grew last year by less than six per cent to 96.3 billion Swedish krona, or about EUR 10 billion. The operating margin weakened by three percentage points to 32 per cent last year. The Board of Directors of TeliaSonera proposes a dividend of EUR 0.44 for last year. The previous year's dividend was EUR 0.69.
The Union of Salaried Employees has raised the possibility of a strike against the job cuts at Finland's Sonera. According to union chairman Antti Rinne, Sonera employees are already suffering from the effects of a heavy workload. Rinne also pointed out that the Finnish state holds 14 per cent of TeliaSonera's shares.
TeliaSonera employs nearly 11,000 people in Sweden, and about 6,000 in Finland.
Eurofound (2008), TeliaSonera, Internal restructuring in European Union, factsheet number 66340, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66340.
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