FACTBOX-European companies cut jobs as economy sputters
* BRITISH STEEL: the Chinese-owned company said on Feb. 22 it could cut up to 260 jobs after announcing the planned closure of its coke ovens in northern England. TECH * ERICSSON: the telecom equipment maker will lay off 8,500 employees globally as part of its plan to cut costs, a memo seen by Reuters said.
Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes.
Here are some of the companies that have announced cuts since January: AUTOS * VOLVO: the Swedish group said in March it would restructure its European bus-making operation, leading to a reduction of 1,600 jobs. * VOLVO CARS: the automaker on May 4 announced 1,300 additional layoffs in Sweden, 6% of the company's workforce in its homecountry. * STELLANTIS: the carmaker agreed with unions in February to cut up to 2,000 workers from its Italian operations through voluntary redundancies.
FOOD, RETAIL AND CONSUMER GOODS * DELIVEROO: the British meal delivery company said on Feb. 9 it would cut around 9% of its workforce, or 350 roles. * FIELMANN: the German glasses retailer said on March 3 it would slash hundreds of jobs by 2025. * SAINSBURY'S: the British supermarket group plans to consolidate five existing Sainsbury's and Argos general merchandise depots into three, closing two by 2026, in a move that will impact 1,400 workers, it said on Feb. 28. * ZALANDO: the German online fashion retailer said on Feb. 21 it would cut hundreds of jobs across the company, citing over-expansion in some areas and a more difficult economic environment. INDUSTRIALS AND ENGINEERING * KONE: the Finnish elevator maker said on Jan. 26 it would reduce headcount by 1,000, including 150 in Finland. * BRITISH STEEL: the Chinese-owned company said on Feb. 22 it could cut up to 260 jobs after announcing the planned closure of its coke ovens in northern England.
TECH * ERICSSON: the telecom equipment maker will lay off 8,500 employees globally as part of its plan to cut costs, a memo seen by Reuters said. * LOGITECH: the maker of keyboards, webcams and other computer accessories is laying off about 300 people in a global reorganization, Bloomberg News reported on March 22. * NOKIA: the Finnish telecom equipment maker said on May 3 it plans to cut up to 208 jobs in Finland. * PHILIPS: the Dutch medical equipment maker on Jan. 30 said it would cut 6,000 jobs to counter falling sales and after a massive recall of its respiratory machines. * SAP: the German software company said on Jan. 26 it planned to shed 3,000 jobs, 2.5% of its global workforce, to cut costs and focus on its cloud business. * TELECOM ITALIA: the group is seeking to cut as many as 2,000 jobs in Italy through a voluntary early retirement scheme, sources told Reuters in March. * VODAFONE: the British telecoms giant said on May 16 it would cut 11,000 jobs over three years as it forecast a 1.5 billion euro drop in 2023 free cash flow. OTHER * BASF: the German chemicals maker said on Feb. 24 it would cut 2,600 jobs to improve competitiveness as it warned of a further decline in earnings due to rising costs. * DEUTSCHE BANK: Germany's largest bank said on April 27 it would cut 800 jobs in an effort to reduce costs by an additional 500 million euros over the next few years. * EVONIK: the German specialty chemicals producer said on April 3 it would cut 200 jobs as part of restructuring of its pet food unit. * GRIFOLS: the Spanish pharmaceutical firm said on Feb. 15 it would lay off around 2,300 employees, or 8.5% of its global workforce, amid a strategy overhaul aimed at reaching annual savings of around 400 million euros. * TAYLOR WIMPEY: the British housebuilder said on Jan. 13 it was considering job cuts to keep a lid on costs, but did not specify the number of potential job cuts. Source: Regulatory filings, Reuters stories and company websites ($1 = 10.4142 Swedish crowns; $1 = 0.9222 euros)
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