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.
Information / Communication Information Communication Services Telecommunications 61.3 - Satellite telecommunications activities
10,000 - 15,000 jobs Number of planned job losses
500 jobs Number of planned job creations
Announcement Date
6 April 2016
Employment effect (start)
11 April 2016
Foreseen end date
31 December 2018
Description
Nokia has announced job losses following last October's acquisition of French telecommunications company Alcatel-Lucent. The job losses, taking place between now and the end of 2018, are part of a wider drive to cut €900 million in operating costs. 1300 jobs will be cut in Finland, 1400 in Germany, 200 in Italy, and 400 in France, although there will be 500 new research and development posts created in France. The job losses will largely come as a result of deduplication of jobs created through the merger, as processes are streamlined. The merger is part of a move by the company to diversify between fixed and mobile telecommunications to compete with companies such as Huawei. The Finnish government has intervened, asking for European Union Globalisation Funds to assist the 1300 job losses the country will undergo.
Sources
6 April 2016: Fortune
11 April 2016: Markets Morning
12 April 2016: YLE
6 April 2016: La Repubblica
Citation
Eurofound (2016), Nokia, Merger/Acquisition in European Union, factsheet number 87371, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87371.
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