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.
OneCo Networks, a Norwegian telecommunications company, announced a reduction of 150 positions due to decreased demand for broadband installation. Norwegian broadband coverage is very high, at 84 percent, and the rate of expansion is now slowing. The job cuts, communicated to employees at the beginning of the year, aims to enhance future competitiveness and profitability amid declining revenues and anticipated lower activity levels in 2024. The company plans to manage this reduction through natural attrition, voluntary departures, and retirement packages, particularly for employees over 62, to minimize direct dismissals. A shop steward in the company is positive to the plans of offering retirement packages, but states that the union will be adamant about the seniority principle for any dismissals. The trade union was informed of planned dismissals in October, and that employment in the company declined by about 100 positions already in 2023, mainly through natural attrition and slowed recruitment. The 150 planned job cuts come in addition to this reduction.
Eurofound (2024), OneCo Networks, Internal restructuring in Norway, factsheet number 200770, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200770.