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
4,000 jobs Number of planned job losses
Announcement Date
14 August 2013
Employment effect (start)
15 August 2013
Foreseen end date
Description
On 14 August 2013, IT company Cisco Systems announced its plan to cut 4,000 positions. According to the company these job reduction measures have become necessary due to weak demand for its products in Asia and Europe.
The job cuts, which represent 5 pc of the company’s global workforce, will be carried out in Japan, China and Europe.
The timeline for the restructuring plan is not yet available.
The company, which designs and sells networking equipment, currently, employs more than 66,000 staff worldwide. Cicso Systems previously reduced its workforce substantially in 2011.
Sources
15 August 2013: CNBC
14 August 2013: Huffington Post
Citation
Eurofound (2013), Cisco Systems, Internal restructuring in World, factsheet number 75782, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75782.
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