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 dismissals announced by Nokia Siemens Networks (NSN) in May 2007 concerning approximately 700 employees in Helsinki, Espoo, Tampere and Oulu have been reduced to less than half of the original estimate in June 2007 and there are currently 250 people facing redundancy according to NSN announcement of 31st January 2008.
Additionally, 230 product developers will switch over to IT company, TietoEnator, which will reduce the need for dismissals. Furthermore, the number of employees has shrunk some through retirements and other “natural causes”.
The reductions mark only the beginning in the cost synergies planned by the network company which was launched in 2007 when Nokia and Siemens combined their network operations. At the beginning of May 2007, NSN announced that in the next three years it would reduce its staff in Finland by 1,500-1,700 individuals from the total of 10,000. Worldwide the company expects to shed around 9,000 employees. The planned reductions are due to production and financial reasons and in response to market conditions, including changes to the product portfolio and the streamlining of various functions.
Eurofound (2007), Nokia Siemens Networks, Internal restructuring in Finland, factsheet number 65317, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65317.
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