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.
Finland, Belgium, United Kingdom, Switzerland and China
Sector
Manufacturing Repair And Installation Of Machinery And Equipment Repair And Installation Of Machinery And Equipment 33.2 - Installation of industrial machinery and equipment
1,000 - 1,700 jobs Number of planned job losses
Announcement Date
23 April 2012
Employment effect (start)
Foreseen end date
Description
Chipmaker ST-Ericsson has announced that it will reduce its headcount by 1,700. The management and the unions hope to limit the net job loss to 400. Close to 700 workers will be transferred to STMicroelectronics and another reduction of 600 jobs may be reached through retirement and not filling vacancies.
ST-Ericsson announced that it will close 5 of its 44 branches. Unions expect these to be plants in Finland, Belgium, Switzerland, the United Kingdom and China.
Sources
23 April 2012: Bloomberg
Citation
Eurofound (2012), ST-Ericsson, Internal restructuring in World, factsheet number 73449, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73449.
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