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, is to cut about 1000 jobs will be cut in Finland to improve the efficiency of production structures for mobile communications and IP-based services.
The company announced on 8th February that it was planning personnel negotiations to cut 2900 jobs, mostly by the end of 2008, in Finland and Sweden. On 24th July the company announced that these cuts would take place during both 2008 and 2009.
The efficiency measures that it plans to enact in Finland and in Sweden are aimed at bringing savings of more than EUR 500 million over the next two years. TeliaSonera's turnover grew last year by less than six per cent to 96.3 billion Swedish krona, or about EUR 10 billion and the operating margin weakened by three percentage points to 32 per cent. 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 6,000 in Finland.
Eurofound (2008), TeliaSonera, Internal restructuring in Finland, factsheet number 67186, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67186.
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