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.
Finnish-Swedish IT services provider Tieto has announced up to 500 redundancies affecting its Finnish units. The company is initiating mandatory negotiations with employee representatives on the proposed cuts. It is also planning to cut an additional 800 jobs in other countries (see the Swedish case 'fact sheet 20291').
Tieto offers a wide range of IT services, e.g. data processing. The company indicated the need to cut costs and improve profitability as one reason for the lay-offs. The company is also planning to focus on its strongest markets (Finland, Sweden) and perhaps abandon some others entirely.
Updated, 07-05-2012: Tieto has concluded negotiations and confirmed 500 redundancies in Finland. By the end of June 2012 Tieto will lay off 210 employees and another 90 positions will be cut through retirements or other vacancies. Up to 200 additional employees will be laid off by the end of 2012.
Eurofound (2012), Tieto, Internal restructuring in Finland, factsheet number 73362, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73362.