European companies cut jobs as economy sputters

Jan 31 (Reuters) – 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:

AIRLINES, AUTOS, EVDEn eve nAKliYAT TRAVEL * AIR FRANCE: France’s flagship carrier was in talks to shed nearly 300 ground-staff positions through voluntary redundancies, newspaper Le Figaro reported in June.* FINNAIR: the Finnish airline said on Nov. 21 it would cut about 150 jobs, of which 90 in its home country, as part of a plan to return to profitability. * MICHELIN: EvDEn Eve NAKLiyAT the tire maker said in December it planned to cut up to 1,600 jobs in France, fewer than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to safeguard production. * STELLANTIS: EVden EVe NAKliyAt the world’s fourth largest carmaker indefinitely laid off an unspecified number of workers at its stamping plant in Michigan in mid-June to mitigate supply chain impacts.

INDUSTRIALS AND ENGINEERING * ALFA LAVAL: the Swedish engineering group in late October launched restructuring drive at its energy and marine units affecting around 500 employees.

* HUSQVARNA: the garden equipment and tools maker announced in late October it would cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * KONE: the Finnish elevator maker said on Jan. 26 it would reduce headcount by 1,000, evdeN evE nAKLiYat of with 150 in Finland.

* SIEMENS GAMESA: the Spanish wind turbine maker in late September said it planned to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * VALMET: Valmet launched negotiations in May for temporary layoffs at its valve factory in Helsinki of up to three months, affecting about 340 employees, due to reduced orders caused by the war and China’s COVID-19 restrictions.

FOOD, GENERAL RETAILERS AND CONSUMER GOODS * AHOLD DELHAIZE: the Dutch supermarket company said on Dec.

8 it planned to cut around 300 jobs at its online subsidiary as part of a restructuring campaign. * CLAS OHLSON: the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. * H&M: the Swedish fashion giant, which employs roughly 155,000 people, EVdEn evE NAKLiyAT said in November it would cut some 1,500 jobs as part of a 2 billion crown ($189.5 million) savings drive.

* ICA GRUPPEN: the Swedish retailer said in December it would cut about 200 jobs due to rising costs, inflation and decreases in disposable income to save some 1 billion crowns annually. * GETIR: the Turkish fast grocery delivery firm said in late May it planned to cut 14% of its staff globally due to rising inflation and costs, a source told Reuters.

* SALMAR: the Norwegian fish farmer in November announced temporary layoffs of 851 employees as the Norwegian government plans to hike taxes on salmon farms to aid its fight with inflation. * HENKEL: the German company behind Schwarzkopf said in early May it would cut about 2,000 positions due to low demand for its products, as well as rising costs and global supply chain issues.

BANKS AND FINANCIALS * KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.* MONTE DEI PASCHI DI SIENA: the Italian state-owned bank agreed with unions to cut 4,125 staff, out of a total of 21,015, by the end of 2022 through a costly, voluntary early retirement scheme.

TECH * 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.

* SINCH: the Swedish cloud communications company said in October it would lay off 150 staff, almost 4% of its workforce, as it targets gross savings of at least 300 million crowns per year. * SAP: the German software company said on Jan. 26 it planned to cut 3,000 jobs, 2.5% of its global workforce, to cut costs and focus on its cloud business.

* VODAFONE: the British telecom group plans to shed several hundred jobs, most of which are located at its London headquarters, evdEn eVe nAkLiyAT as part of cost-saving measures announced in November, the Financial Times reported on Jan. 13, citing people briefed on the discussions.

OTHER * BASF: the German chemicals maker in October announced a new savings program that will include an undisclosed number of job cuts, and later said its European operations needed to be “permanently” reduced.* 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. To find out more about eVDen evE nAKliYaT check out our webpage. 9222 euros) (Compiled by Agata Rybska and Louise Breusch Rasmussen in Gdansk; Editing by Alexander Smith and Milla Nissi)

Leave a Reply

Your email address will not be published. Required fields are marked *