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.
Nokia's Multimedia Business Group announced on 11 January 2005 the decision to streamline its global research and development activities.
Streamlining has a global scope but the downsizing is mainly expected to materialize in Germany and Finland. The number of personnel reductions will be decided after negotiations with employee representatives are finalized. The company estimates the cuts will be around 250 employees.
The planned reductions are expected to materialize gradually during 2005. The negotiation process will aim to find alternative solutions and assignments for as many employees as possible within Nokia.
0n 22 February 2005, after the finished cooperation negotiations Nokia Multimedia Group has decided to cut its workforce by 150-175 persons.
Eurofound (2005), Nokia, Internal restructuring in World, factsheet number 61167, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61167.