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
1,350 jobs Number of planned job losses
Announcement Date
31 January 2005
Employment effect (start)
Foreseen end date
Description
German technologies group Siemens has announced plans to cut 1,350 jobs worldwide in its communications division, Siemens Com. Siemens has said the cuts are necessary to solve its problem of over-capacity in the division, saying that the expected turnaround in the fixed-line network sector had not emerged. In the last quarter, the division only met its targets thanks to the sale of its stake in US telecommunications equipment manufacturer Juniper Networks. Germany is quite affected by the plan with the loss of 700 jobs.
Sources
31 January 2005: Financial Times Deutschland
Citation
Eurofound (2005), Siemens Com, Internal restructuring in World, factsheet number 61176, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61176.
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