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 telecommunications company Nokia announced that 155 jobs will be cut in Finland, with most cuts at their offices in Espoo. The reason behind the restructuring, according to Nokia, is a weaker estimate of demand for the second half of 2023. The employees that are made redundant will be offered the possibility to participate in a support programme to find employment either within the company or outside of Nokia.
In May of 2023, a restructuring plan with 208 job cuts by Nokia has been recorded in the ERM events database Nokia-2023-FI. Already in 2021, Nokia announced a restructuring plan cutting approximately 5,000 workers from its global workforce Nokia-2021-WO.
Eurofound (2023), Nokia, Internal restructuring in Finland, factsheet number 109337, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/109337.