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.
On 11 November 2008, the telecommunications provider Nokia Siemens Networks (NSN) announced to cut 500 jobs in Germany. The restructuring will affect the employees at Munich site (Hofmannstrasse) which will be closed down by October 2009. The closure will not affect the company's information technology division at Tölzer Strasse in Munich as that facility is subject to a long-planned separation from the Hofmannstrasse site.
NSN is a joint venture by Nokia (Finland) and Siemens (Germany). In May 2008, NSN had already stated to have completed its job reduction scheme for Germany following the setting up of the joint venture in 2006 (see previous fact sheet). A final assessment of the related restructuring scheme led to the current announcement of further job losses.
Sources
12 November 2008: Handelsblatt
Citation
Eurofound (2008), Nokia Siemens Networks, Closure in Germany, factsheet number 67388, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67388.
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