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.
The Finnish IT services company Tieto has concluded employer-employee negotiations in Finland and will terminate up to 190 employees across the country. The job reductions will affect all business units apart from product development and industry software services and will take place by the end of 2019.
The dismissals are part of a global restructuring of operations, announced in April 2019. According to the strategy, the company aims at annual gross savings of €30-35 million by removing matrix organisational structures and introducing ‘a simplified and increasingly agile operating model’. Around 700 job vacancies are expected to be affected globally. In Czechia, 250 jobs were cut (see ERM factsheet from April).
Tieto has some 3,700 employees in Finland and approximately 15,000 globally.
Eurofound (2019), Tieto, Internal restructuring in Finland, factsheet number 97783, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97783.