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.
On 3rd of February 2009, the Scandinavian airline company SAS, partly owned by the Norwegian, Swedish and Danish states, announced a cost-saving plan resulting in the loss of 3,500 jobs. The restructuring measures include outsourcing, production cutbacks and reorganization. This follows several major cost cuts implemented in previous years.
The job losses are attributed to a deficit of 6,3 billion SEK (5,2 billion NOK) out of a 53 billion SEK turnover in 2008. The company will reorganize the group and concentrate the activities in the Nordic market. The 3 national companies in Norway, Sweden and Denmark, as well as the subsidiaries for technical support, will be merged as of 1st of April 2009. A part of the plan is to issue 6 billion SEK of new stocks.
The unions seem to agree on the merger strategy and accept downsizing, but feat the consequences. The time schedule and exact distribution of job losses between the three countries are still to be decided, which eventually could lead to disagreements between the 39 unions from the different countries and between unions and management. More than half of cost reductions will be implemented in 2009.
Eurofound (2009), SAS, Internal restructuring in European Union, factsheet number 68078, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68078.
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