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 ICT-company Nokia is to hire a total of 500 new employees in their Nokia Mobile Networks Unit in Finland by the end of 2021, due to its heavy investment in the development of 5G networks. Most of the newly created positions are in system circuits and software development.
According to the company, it is launching a new line of 5G products and new employees are needed to support the company's development in 5G technology. The CEO revealed that the number of 5G product developers has increased by 40%, and the number of system circuit developers has increased by 200% from the start of 2019 to the end of 2020. The CEO also stated that these investments would increase the company's competitiveness in the market.
Nokia is a Finnish ICT-company with around 6,200 employees in Finland. From 2018 to 2020, Nokia has hired about 1,200 employees in Finland, mainly for product development in Espoo, Tampere and Oulu.
Nokia has experienced several restructuring events in Finland. The company announced its plans to dismiss up to 148 employees by the end of 2020, 280 jobs in 2019, 353 jobs in March 2018, 190 jobs in October 2017 (later revised to 80 jobs) and another 170 jobs in April 2017.
Eurofound (2021), Nokia, Business expansion in Finland, factsheet number 105046, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105046.