Restructuring events
European Restructuring Monitor (ERM)
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.
NCC, one of the leading construction and property development companies in the Nordic region, has announced that it is to downsize all its units in Sweden, Norway, Denmark, Finland and Germany with the loss of 1,700 jobs. 700 employees have already been given lay-off notice or left their jobs. The remainder 1,000 affected employees will receive lay-off notice by the end of 2008. The job losses are attributed to the financial crisis and the recession which has considerably weakened the housing market.
Negotiations with trade unions are expected to be finished by the end of the year and restructuring measures are to be implemented by the first half of 2009. By January 2009, NCC’s housing operations will be merged into a single business area in order to increase efficiency and reduce costs.
In Sweden, NCC Housing dismissed 70 employees whereas NCC Construction dismissed another 20 employees in November. More dismissals are expected to occur by the end of 2008. In 2007, NCC had a total workforce of 21,000 employees.
Eurofound (2008), NCC, Internal restructuring in European Union, factsheet number 67396, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67396.