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 telecommunications technology company Nokia has initiated cooperation negotiations and is considering cutting up to 208 jobs. The plans concern all Nokia sites in Finland. Some functions, including System-on-Chip (SoC) product development and Nokia's production plant in Oulu, are not within the scope of the collective consultation process.
Already in 2021, Nokia announced a restructuring plan cutting approximately 5,000 workers from its global workforce, resulting in savings of €600 million by the end of 2023 (Nokia-2021-WO). Nokia announced that it will aim to use an equivalent amount of cost savings to invest further in research and development, to secure the necessary skills and to cover the costs of wage inflation.
According to the company, the reduction needs have been smaller than expected due to a beneficial market, but they are now reacting to a trend of changing consumer behaviour.
In Finland, Nokia has around 7,000 employees in Espoo, Oulu and Tampere. The company has during 2021-2022 employed 1,200 staff in Finland, mainly within research and development.
Eurofound (2023), Nokia, Internal restructuring in Finland, factsheet number 109019, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/109019.