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.
Hellenic Telecommunications Organization (OTE), the largest telecommunications provider in Greece, announced 120 layoffs at its Cosmote mobile operations. In early March 2011, OTE announced a EUR 40 million savings plan which envisaged a range of measures including wage cuts for managers and the dismissal of 120 employees at its Cosmote mobile operations.
According to Cosmote's management the 120 redundant staff will receive a generous severance package including compensation higher than that which is legally established which would take into account their age, family situation, past performance, etc.
The OTE group union OME-OTE vowed to fight any job cuts and all OTE staff went on strike. At the same time, the Greek General Confederation of Workers, country's main labour union, urged the government, which owns 20 percent of OTE, to block any plans for job cuts.
Hellenic Telecommunications Organization (OTE) is the largest telecommunications provider in Greece, and together with its subsidiaries forms one of the leading telecom groups in south-eastern Europe. Since 31st July 2009, following the sale of a further 5% of OTE share capital by the Greek State to Deutsche Telekom, the Greek State holds 20% and Deutsche Telekom 30%.
The OTE Group offers a full range of products and services, from broadband services, fixed and mobile telephony, to high-speed data communications and leased lines services. In addition, the Group in Greece is involved in a range of activities, notably satellite communications, real-estate and professional training. At present, OTE companies employ over 30,000 people in four countries.
Eurofound (2011), Cosmote, Internal restructuring in Greece, factsheet number 71843, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/71843.
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