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 18 March 2013, ST-Ericsson, a joint venture between STMicroelectronics and Ericsson, announced 1,600 job losses as the joint venture’s dissolution process has started. The positions will be shed in both European and non-European countries. Between 500 and 700 positions will be affected in Europe, including positions in Sweden (400-600), the UK (100 -127), and Germany (50-80).
Out of the current 4,450 employees, Ericsson announced that it will take back around 1,800 employees and STMicroelctonics is planning to take around 950 staff, mostly in Italy and France.
Facing pressure from competition from Asia, ST-Ericsson is also planning to close some of its facilities. However, no factories will be affected by these closures. The joint venture had previously announced large scale job cuts in 2012 (please see here).
The timeline for the restructuring plans is not yet available.
UPDATE 2014-09-19: As reported by German daily newspaper "Sueddeutsche Zeitung", Ericsson is to dismiss 1,560 people worldwide due to the merger. In the plant in Nuremberg, 250 jobs will be made redundant.
Eurofound (2013), ST-Ericsson, Merger/Acquisition in World, factsheet number 75081, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75081.
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