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 elevator- and escalator manufacturer KONE has announced an expected reduction of 150 employees in Finland. Planned changes in the company’s operating model are, according to the company, expected to result in the reduction of approximately 1,000 jobs globally.
The company has seen a decrease in orders during 2022 and KONE’s profits fell from EUR 1,3 billion in 2021 to EUR 1,03 billion last year. However, KONE explains the cutback in staff with a need to simplify the company’s organisation due to fast changes in market trends.
According to the company’s estimations, changes in its operating model will generate cost savings of around EUR 100 million annually. KONE is expecting restructuring costs of up to approximately EUR 130 million, mainly during 2023.
In the fall of 2017, the company announced its plans to cut 1,000 jobs worldwide over the following three years.
KONE has about 63,000 employees worldwide of which a little above 1,279 are employed in Finland.
Eurofound (2023), KONE, Internal restructuring in Finland, factsheet number 108315, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108315.
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