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.
In 2006, Nokia and Siemens, two of the larger communications companies in the world, announced the creation of the joint venture Nokia Siemens Networks that became one of the three largest telecom providers in the world. Nokia Siemens Networks has approximately 60,000 employees in the world and is headquartered in Helsinki, Finland.
On 4 May 2007, the company announced a huge reorganisation plan that envisages the loss of around 9,000 jobs by 2010 in order to reduce the costs of the new company. In particular, the plan provides for 2,900 redundant workers in Germany and around 1,700 redundant workers in Finland.
Eurofound (2007), Nokia Siemens Networks, Internal restructuring in World, factsheet number 65316, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65316.