Europe Inc cuts jobs as economy collapses
-Decades-high inflation and the impact of war in Ukraine have caused businesses across Europe to consider laying off or freezing hiring.
Here are some of the companies that have announced layoffs to contain costs:
France’s flagship carrier was in talks to cut nearly 300 ground staff positions through voluntary departures, Le Figaro newspaper reported in June.
The Swedish engineering group has launched a campaign to restructure its energy and maritime units affecting around 500 employees, including the effect of the reduction of Russian operations, after the weakness in the oil tanker market and soaring costs hit maritime activities.
The German chemicals maker announced a new cost savings program that will include an undisclosed number of job cuts, and later said its European operations were to be scaled back “permanently”.
The Finnish airline will cut around 150 jobs, including 90 in its home country, as part of a plan to return to profitability.
Turkey’s fast grocery delivery company plans to cut 14% of its global workforce due to rising inflation and rising costs, a source with knowledge of the matter told Reuters.
German Henkel, the company behind Schwarzkopf, will cut around 2,000 jobs due to weak demand for its products, as well as rising costs and global supply chain issues.
The garden equipment and tool maker will cut 1,000 jobs, the vast majority of them linked to the switch from petrol to battery-powered tools. The news came after the company reported weaker than expected third quarter results.
The Swedish payments company is cutting 10% of its 7,000 employees after runaway inflation and war in Ukraine hit the business climate.
MOUNTEDDEIPASCHI ID HIS
Italy’s state-owned bank has agreed with unions to cut 4,125 employees, out of a total of 21,015, by the end of the year through a costly voluntary early retirement scheme.
The Dutch medical equipment manufacturer will cut around 4,000 jobs, or 5% of its workforce, to counter the drop in sales and after a massive recall of its respiratory devices.
The Norwegian fish farmer has announced temporary layoffs of 851 employees as the Norwegian government plans to raise taxes on salmon farms to help it fight inflation.
The Spanish wind turbine maker plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability.
The Swedish cloud communications company is to lay off 150 employees, or almost 4% of its workforce, as it aims for gross savings of at least 300 million Swedish kronor a year.
The world’s fourth-largest automaker has laid off an indefinite number of workers at its Michigan stamping plant indefinitely to mitigate the impacts of supply chain issues.
Valmet in May launched negotiations for temporary layoffs at its valve factory in Helsinki for up to three months, affecting around 340 employees, due to reduced orders caused by the war and the China crisis. covid-19 restrictions.
Source: Regulatory filings, Reuters articles and company websites