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 Electrical Equipment 27 - Manufacture of electrical equipment
7,200 jobs Number of planned job losses
Announcement Date
4 November 2003
Employment effect (start)
1 December 2003
Foreseen end date
1 January 2005
Description
Tyco International is a huge manufacturing company, which businesses ranging from electronics, fire and security, healthcare, plastic and adhesives, to engineered products and services. Tyco International announced a worldwide restructuring plan affecting 3% of its total workforce of about 260,000 employees, i.e.: 7,200 jobs. The company expects to take about $400 million in charges from the restructuring, most of it in fiscal year 2004, and expects to save $230 million annually by 2005 from the restructuring effort. Among the businesses, it plans to sell Tyco Global Network (TGN), its undersea fiber optic telecommunication network.
Sources
4 November 2003: Transnationale.org
4 November 2003: Tyco International - Press release (www.tyco.com)
Citation
Eurofound (2003), Tyco International, Internal restructuring in World, factsheet number 59780, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59780.
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