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
1,000 jobs Number of planned job losses
Announcement Date
25 October 2005
Employment effect (start)
Foreseen end date
Description
After the acquisition of 75% of the operations of the Marconi group, which concern the telecommunication equipment and international services businesses, both in the UK and worldwide, the Ericsson group has announced that some 1,000 redundancies across Italy, UK, Germany and the United States will take place. According to Ericsson, the take over will produce important synergies for the group and bring an increase in total turnover of about GBP 1 billion, while a positive effect on profits will be seen from 2007. Marconi had recently passed through a difficult period, after a restructuring process and the failure in April 2005 of a bid for taking part in the '21st Century Network' project of British Telecom. Marconi will be renamed Telent, whereas the brand could be maintained, since it was acquired for its market reputation.
Sources
26 October 2005: Il Sole 24 Ore
Citation
Eurofound (2005), Telent (Marconi), Merger/Acquisition in World, factsheet number 62736, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62736.
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