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.
Nokia, a Finnish communications corporation, announced plans to cut up to 15,000 jobs worldwide by the end of 2018. A total of 1,400 jobs will be cut in Germany. According to the company, all German sites are affected. Job cuts are related to the acquisition of the competitor Alcatel-Lucent. Redundancies are part of the management’s cost saving strategy as the company wants to become more competitive. Nokia wants to save some €900 million of operating costs per year. However, Germany will remain as a centre of research and development. Nokia is aiming to focus on future-oriented technology such as 5G, the Cloud and industrial Internet.
The executive board and the works’ council will negotiate severance packages in almost 30 countries in the upcoming weeks. The management emphasises the importance of socially acceptable redundancies and will provide transition and other supporting measures.
Nokia, headquartered in Espoo (Finland), currently employs 106,000 staff worldwide.
Update (24-08-2016):
In the meantime the number of job cuts increased up to 1,500.
The affected sites will be mainly Berlin, Hamburg, Stuttgart and Düsseldorf. The German Metalworkers’ Union (IG Metall) announced plans to form a collective bargaining committee in September, in order negotiate the future of all six sites.
Eurofound (2016), Nokia, Merger/Acquisition in Germany, factsheet number 86957, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86957.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
