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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Other Transport Equipment 30.30 - Manufacture of air and spacecraft and related machinery
850 jobs Number of planned job losses
Announcement Date
23 October 2018
Employment effect (start)
23 October 2018
Foreseen end date
28 February 2020
Description
Swedish aerospace and defence company Saab is reducing staff as the company moves from a strong period of growth and development to focus more on production and efficiency. Staff reductions total 850, of which 300 are Saab employees and 500 are external consultants.
Saab has undertaken several development projects during the last years, which has led to a steady growth in both the number of employees and financial turnover. As the company moves into a more production-focused phase, it is looking to make operations more efficient, a process that includes reducing the number of employees. Earlier this year, Saab reported negative profits for the first two quarters which partially sparked the process of streamlining operations.
The company's CEO believes that the announced employee reductions - which will take place over a period of 12-16 months - will be sufficient to lift the company's efficiency and turn profits back up.
Sources
Citation
Eurofound (2018), Saab, Internal restructuring in Sweden, factsheet number 95711, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95711.
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