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 mobile phone manufacturer Nokia has initiated employer-employee negotiations aiming to cut 1300 jobs in Finland. The redundancies are due to the acquisition of Alcatel-Lucent. The acquisition was formalised in January 2016 and as a result Nokia has launched a global cost-saving programme aiming to cut costs by €900 million. Nokia aims to streamline the organisation and reduce personnel in accordance with synergy objectives to ensure long-term competitiveness. In Finland half of the jobs will be cut in Espoo, one quarter in Oulu and one quarter in Tampere. All redundancies will be executed before 2018, and all of Nokias branches and sites in Finland are to be affected by the redundancies. Negotiations were initiated on the 13th of April.
Nokia has announced that they will support a Bridge-program which will aid redundant employees in Finland in finding new employment or developing new skills.
Nokia's acquisition of Alcatel-Lucent is the largest acquisition in Finish history with a cost of €15.6 billion.
The ERM has previously reported on redundancies at Nokia in Finland in 2012 when 3000 jobs were cut. As part of the global cost-saving programme due to the acquisition of Alcatel-Lucent the ERM has also reported on redundancies in Germany and Spain in 2016.
Update 27/5/2016:The number of redundancies has been revised down to 1032 jobs. When employer-employee negotiations were initiated in April, Nokia announced that 1300 redundancies would be necessary.
Eurofound (2016), Nokia, Merger/Acquisition in Finland, factsheet number 87277, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87277.
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