Romtelecom

Type
Internal restructuring
Country
Romania
Region
Location of affected unit(s)
NA
Sector
Information / Communication
Information Communication Services
Telecommunications
61 - Telecommunications
2,500 jobs
Number of planned job losses
Job loss
Announcement Date
30 May 2008
Employment effect (start)
Foreseen end date
31 December 2008

Description

Romtelecom, part of the OTE Greek group and the largest fixed telephone operator in Romania, announced that it is to cut 2,500 jobs by the end of 2008. Romtelecom currently employs 12,357.This will involve restructuring costs of EUR 30 million. Yorgos Ioannidis, Romtelecom CEO, said “this means that Romtelecom will pay EUR 12,000 on average to every employee to be laid off, as part of the cost cutting programme”. OTE group reported a net profit of EUR 141 million in 2007.

Sources

  • 2 June 2008: Ziarul Financiar

Citation

Eurofound (2008), Romtelecom, Internal restructuring in Romania, factsheet number 66705, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66705.