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.
TeitoEnator, an IT service provider, has announced the cut of 620 jobs worldwide, out of which 300 in Finland, 150 in Sweden and 170 in ten other countries in Tieto International. In addition to the job cuts, the company will consider temporary lay offs in Finland. In February 2009, TietoEnator announced the loss of some 350 jobs of which 170 in Sweden and 180 in Tieto International. Most of the redundancies have already been implemented.
In the company press release issued on 7 April 2009, President and CEO Hannu Syrjälä said: "The decline in customer demand for IT services has been stronger and faster than we anticipated at the start of the year. Tieto has started a number of streamlining actions to address this situation with the aim of reaching new cost savings in the amount of EUR 100 million. Personnel adjustments are unfortunately also needed to adjust our cost-base. We will of course explore different alternatives to tackle this issue in the most sustainable way."
TietoEnator has approximately 16,700 employees - 5,700 in Finland, 3,200 in Sweden and 7,800 in Tieto International. With approximately 16,000 experts Tieto is among the leading IT service provider in Northern Europe.
Eurofound (2009), TietoEnator, Internal restructuring in World, factsheet number 69136, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69136.
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