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.
Finnish IT product development and consultation services company Tieto announced that it is cutting 160 jobs in Finland. The cuts will mainly affect facilities in Helsinki and Tammerfors.
The announcement comes at the same time as the company is increasing its workforce in India, as a result of a shift in demand for the company's services from traditional services to new technologies. It is believed that the Indian facilities possess more relevant know-how in relation to the increasing demand for new technology. The cutting of jobs in Finland primarily affect the Consulting and System Integration (CSI) - and the Product Development Services-sectors where 90 and 70 jobs are expected to be cut respectively.
The job reduction process for the Consulting and System Integration sector is expected to begin in September 2014 while the reduction process for the Product Development Services sector is expected to begin in October 2014. To date, no jobs have been cut. The reduction will be carried out through redundancies.
Tieto's total operation in exceeds 14,000 positions in approximately 20 countries with net sales at approximately €1.6 billion.
Eurofound (2014), Tieto, Internal restructuring in Finland, factsheet number 77488, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77488.
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