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.
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale Trade, Except Of Motor Vehicles And Motorcycles 46 - Wholesale Trade, Except Of Motor Vehicles And Motorcycles
166 jobs Number of planned job losses
Announcement Date
10 September 2024
Employment effect (start)
10 September 2024
Foreseen end date
Description
Otovo, a Norwegian solar panel company, has announced plans to cut 166 jobs globally within the coming weeks.
The restructuring programme will affect 13 locations across Europe, including 28 positions in Switzerland, Germany, and Austria.
The layoffs are part of a cost-cutting program aimed at saving up to NOK 225 million (€19.27 million) annually. Otovo will centralize its operations by establishing a shared service centre in Spain to enhance efficiency. At the end of August 2024, the company reported that it had growth in several markets, but the performance did not compensate for the poor results in Spain and Scandinavia. The restructuring follows earlier efficiency measures, including 65 job cuts in late 2023.
Otovo operates in 13 European countries: Austria, Belgium, France, Germany, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, UK.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
