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.
Nokia Siemens Networks, a telecommunications joint venture by Finish Nokia and German Siemens, plans to cut 17000 jobs worldwide by the end of 2013. The cuts represent almost a quarter of the company's workforce, which currently stands at 74000.
NSN is repositioning itself to focus on mobile networks: this area of the business will receive increased investment over the next few years. Other aspects of the business will be reviewed with regard to potential sale or closure. The market is particularly difficult in Europe at the moment, as companies are delaying infrastructure upgrades in reaction to the poor economic outlook. The company aims to reduce operating expenses and overheads by one billion Euros by the end of 2013.
Parent company Nokia has already cut more than 10000 jobs this year (see factsheets 17558 and 18569).
NSN has not yet determined which geographies will be affected by the cuts. However, German and Finnish unions have already responded to the announcement. German union IG Metall said that, "the latest plans are a declaration of fight against the employees" while the leader of Finnish union Pro has said that the numbers involved are "shocking". The Finnish minister of the economy Jyri Hakamies has also expressed his concern about the implications for Finnish jobs.
Eurofound (2011), Nokia Siemens Networks, Internal restructuring in World, factsheet number 72765, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72765.
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