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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.99 - Manufacture of other special-purpose machinery n.e.c.
1,000 jobs Number of planned job losses
Announcement Date
26 September 2017
Employment effect (start)
1 October 2017
Foreseen end date
31 December 2020
Description
On Tuesday 26 September the Finnish engineering and service company Kone announced a plan to cut 1,000 jobs worldwide over the next three years. The internal restructuring is due to the fall in demand from the Chinese market, where Kone generates a third of its sales. The job cuts will allow the company to save around €100 million annually by 2020.
The company employs around 52,000 workers worlwide and it 'is the fourth largest manufacturer of elevators and escalators in the world'.
Sources
27 September 2017: news.xinhuanet.com
26 September 2017: Reuters
Citation
Eurofound (2017), Kone Corporation, Internal restructuring in World, factsheet number 92557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92557.
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