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 Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26 - Manufacture of computer, electronic and optical products
7,000 jobs Number of planned job losses
Announcement Date
7 November 2018
Employment effect (start)
1 December 2018
Foreseen end date
1 December 2023
Description
The Japanese group Toshiba has announced a reorganisation that will lead to cut 7,000 positions out of a total workforce of 140,000 employees over five years. The job cuts represent 5% of its total workforce. In the UK, Toshiba will start shutting down NuGen, its UK nuclear power operation, early next year after failing to find a buyer. The decision to liquidate NuGen, however, would hnder Britain’s plans to build a nuclear plant that was meant to provide 7 percent of the country’s electricity. NuGen said 18 months of negotiations with a range of potential owners had failed to yield any deal, and that it was now up to the British government and the Nuclear Decommissioning Authority to determine the future of the Moorside site in Cumbria.
The company said its exit from different troubled businesses, along with the job cuts and other restructuring, will boost its profitability in the longer run. It forecasts an operating profit of 240 billion yen (€1.87 billion) in 2021 compared to 60 billion yen (€0.47 billion) in 2018. In 2015, the company cut 10,000 positions.
Sources
Citation
Eurofound (2018), Toshiba, Internal restructuring in World, factsheet number 96037, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96037.
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