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.
The telecom company Ericsson announces a layoff of 1,400 employees in Sweden. Cooperation negotiations have been concluded and the redundancies range from engineers to administrative staff and consultants.
Furthermore, the company has succeeded in negotiating with the trade unions that the redundancies will be made with voluntary redundancy packages. People will be asked to leave through voluntary redundancy with a financial support package where those who have worked the longest and are older receive more. It is still unclear how much these voluntary redundancies will cost Ericsson. The bargaining officer from the union Engineers of Sweden (Sveriges Ingenjörer) says that the package is sufficient but on the other hand the difficult part is still which people will have to leave their jobs.
The reason for the layoffs is the company’s need to save money to correct profitability.
The Swedish communications technology company Ericsson operates worldwide on all continents and has 105,529 employees. In Sweden, the company has a total of 14,481 employees.
Eurofound (2023), Ericsson, Internal restructuring in Sweden, factsheet number 108427, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108427.