European companies are cutting staff after American ones
2022.12.07 08:56
European companies are cutting staff after American ones
Budrigannews.com – Europe-wide businesses have been forced to lay off workers or stop hiring due to decades of high inflation and the impact of the Ukraine conflict.
Some of the businesses that have made cuts are as follows:
*FRANCE AERIAL: Le Figaro reported in June that France’s flagship airline was discussing voluntary layoffs of nearly 300 ground staff positions.
* FINNAIR As part of a strategy to return to profitability, the Finnish airline will eliminate approximately 150 positions, of which 90 are in its home country.
* MICHIEL: In an effort to maintain production, the manufacturer of tires plans to eliminate up to 1,600 jobs in France, which is less than the 2,300 that were anticipated in its initial voluntary redundancy plan.
* THE STELLANTIS To lessen the impact on the supply chain, the fourth-largest automaker in the world laid off an unspecified number of workers at its Michigan stamping plant indefinitely.
Engineering and INDUSTRY
* ALFA LAVAL: The energy and marine units of the Swedish engineering group were the focus of a restructuring drive that affected approximately 500 employees.
* HUSVARN: The majority of the company’s 1,000 jobs will be eliminated as a result of the switch from gasoline-powered tools to battery-powered ones.
* GAMESA SIEMENS: As part of a strategy to return to profitability, the Spanish manufacturer of wind turbines plans to eliminate 2,900 jobs, primarily in Europe.
* VALMET: Due to decreased orders brought on by the war and China’s COVID-19 restrictions, Valmet began negotiations in May for up to three months of temporary layoffs at its valve factory in Helsinki, affecting approximately 340 employees.
FOOD, GENERAL RETAILERS, AND CONSUMER GOODS
CLAS OHLSON: The Swedish chain of hardware stores said it would reduce depreciation and save money by cutting 85 full-time jobs among other measures.
* H&M: the Swedish design goliath, which utilizes around 155,000 individuals, will eliminate exactly 1,500 positions as a component of a 2 billion crown ($189.5 million) investment funds drive.
* ICA Gruppen: Due to rising costs, inflation, and a decrease in disposable income, the Swedish retailer announced that it would eliminate approximately 200 jobs annually to save approximately 1 billion Swedish crowns.
* GETIR: According to a source who spoke with Reuters, the Turkish fast-food delivery company plans to lay off 14% of its employees worldwide due to rising costs and inflation.
* MARTIN: The Norwegian government plans to raise taxes on salmon farms to help fight inflation, so the fish farmer announced the temporary layoff of 851 employees.
* Harold: Schwarzkopf, a German company, will lay off approximately 2,000 employees as a result of low product demand, rising costs, and issues with its global supply chain.
FINANCIALS AND BANKS
* KLARNA: After widespread inflation and the conflict in Ukraine negatively affected business sentiment, the Swedish payments company is cutting 10% of its 7,000 employees.
* MONTE DEI PASCHI DI SIENA: The Italian state-owned bank and its unions have reached an agreement to eliminate 4,125 of its 21,135 employees by the end of the year through a costly voluntary early retirement program.
TECH
* PHILIPS: In response to declining sales and a significant recall of respiratory machines, the Dutch manufacturer of medical equipment will cut 4,000 jobs, or 5% of its workforce.
* SINCH: The Swedish cloud communications company plans to cut 150 jobs, or almost 4 percent of its workforce, in order to achieve annual gross savings of at least 300 million Swedish crowns.
AUTHENTIC
* BASF: The German chemical manufacturer later stated that its European operations required to be reduced “permanently” as part of a new savings program that will include an undisclosed number of job cuts.
