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.
SAS, major Scandinavian airline carrier, has announced a comprehensive restructuring program, including 800 job cuts, to ensure long term profitability. The job reductions will be accomplished by centralizing the administrative functions to Stockholm, leading to job losses around Norway, Denmark, and Sweden. The management has also announced that unions must accept new collective agreements with 12-15 % reductions in wages. Simultaneously, CEO Rickard Gustafson’s salary will be cut by 20 %.
The restructuring program also includes the sales of assets amounting to 3 billion SEK (350 million €), for example of the shares in the Norwegian carrier Wideroe, and savings of another 3 billion SEK. The implementation of this restructuring program enables loan guarantees of 3.5 billion SEK (407 million €) by the Scandinavian governments.
SAS AB is owned by SAS Group with 15,000 employees. Sales and reductions will leave the group with 9,000 employees. SAS Group is owned to 50 % by the Scandinavian governments, with Sweden as largest single shareholder.
Earlier employment effects within the SAS Group see SAS-DK2012, SAS-SE2012, SAS-SE2010, SAS-SE2010b and SAS-NO2009.
As of November 2012 there is no information about when the restructuring program will be in full effect.
Updated, 28/01/2013 SAS, has announced additional 200 job cuts under the framework of the restructuring program launched in November 2012 with 800 job cuts. The job reductions will be accomplished by centralizing the administrative functions to Stockholm, leading to job losses around Norway, Denmark, and Sweden.
Eurofound (2012), SAS AB, Internal restructuring in World, factsheet number 74483, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74483.