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.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26.3 - Manufacture of communication equipment
5,000 - 10,000 jobs Number of planned job losses
Announcement Date
16 March 2021
Employment effect (start)
16 March 2021
Foreseen end date
31 December 2023
Description
Finnish telecommunications and information technology company Nokia has announced that it will cut between 5,000 and 10,000 jobs worldwide by the end of 2023.
The restructuring programme is expected to be implemented in most countries where Nokia operates. So far, Nokia announced the cuts in Finland (300 jobs), but about seven roles are part of the consultation process in Ireland, and around 100 in the United Kingdom. France will not be affected due to a restructuring programme announced in 2020. The conditions of the programme will be negotiated with employee representatives according to local regulations. From the restructuring programme, the company is to save up to €600 million to be invested in research and technology, including 5G, cloud and digital infrastructure. Nokia estimates that all measures of the programme will cost about €600-700 million.
Nokia employs about 90,000 people worldwide and operates in over 130 countries. Previous restructuring programme at the EU level was announced in January 2019 (1,300 jobs cut).
Eurofound (2021), Nokia, Internal restructuring in World, factsheet number 103922, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103922.
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