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 producer of mobile telecommunication equipment has announced the dismissal of 166 employees spread across three branches within the province of Antwerp. The redundancies follow a few months after the acquisition of Alcatel-Lucent by Nokia. The main goal of the layoffs is to cut back on labour costs and by doing so remain competitive within the market on a global level.
The layoffs will be spread over a period of three years. 40 of 101 employees at the branches in Herentals and Mechelen, 126 of 1326 employees will be dismissed at the main facility in Antwerp. Mainly jobs in support functions will be lost, the R&D divisions remain of importance to the company. This is proven by the fact that a year earlier Alcatel-Lucent launched a call for up to 80 vacancies for engineers specialised in telecom and computer sciences.
Unions stated they are not contemplating actions at the moment, they are however demanding support measures for employees that are obliged to leave. The cutbacks are being made on a global scale in each of the countries that have active Nokia facilities. Before its acquisition by Nokia, Alcatel-Lucent already underwent significant restructuring in 2012. The buyout of Alcatel-Lucent by Nokia was finalised in January 2016, Nokia demanded at least 50% of the total shares of Alcatel-Lucent in exchange for EUR 15.6 billions.
Eurofound (2016), Nokia, Merger/Acquisition in Belgium, factsheet number 87448, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87448.
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