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 technology company Nokia is reducing up to a total of 425 jobs in its Networks and Technologies sections. 350 of the job cuts are planned for Networks and 75 for Technologies, and the redundancies will affect all the units in Finland, with the exception of the Oulu factory. The negotiations should start on Thursday 22 February 2018.
Nokia says the restructuring is necessary in order to secure the company's competitiveness in the long term. The communication services market is expected to decrease in 2018. Furthermore, Nokia refers to its synergy and cost savings programme published in 2016 in connection with its purchase of the French Alcatel-Lucent.
The company's engineer employee representative in Espoo criticises the decision and attributes it to loose legislation regarding collective dismissals in Finland. In January 2018, Nokia cut 80 jobs at its Technologies section, and in June 2017 some 170 jobs were reduced from Networks.
Update 05/04/2018: Employer-employee negotiations were concluded in late March 2018. The total number of dismissals at Nokia landed at 353. 283 jobs are cut from Networks and 70 from Nokia Technologies.
Eurofound (2018), Nokia, Internal restructuring in Finland, factsheet number 93367, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93367.