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.
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62 - Computer programming, consultancy and related activities
148 jobs Number of planned job losses
Announcement Date
16 August 2007
Employment effect (start)
16 August 2007
Foreseen end date
30 November 2007
Description
Fast Search & Transfer, a Norwegian firm that provides search technologies for computers, is to cut 148 jobs across the world. As of yet, there is no information on the geographical distribution of the redundancies. However, it is thought that the job losses will be implemented by November 2007. The firm, founded in 1997 and based in Oslo, has suffered poor financial results in recent years and the redundancies are an attempt to cut costs. On August 9th 2007, the firm announced a particularly poor set of financial results. This was followed, on August 16th 2007, with a press release announcing the redundancies. The firm expects to save 70 million NOK a quarter through the redundancies, yet will also spend 300 million NOK implementing the redundancies. Part of this 300 million NOK will be spent on severance packages for those employees affected by the restructuring. Fast Search & Transfer employs 880 across the world.
Sources
8 August 2007: E24
16 August 2007: Fast Search & Transfer
16 August 2007: E24
Citation
Eurofound (2007), Fast Search & Transfer, Internal restructuring in World, factsheet number 65697, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65697.
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