Stora Enso could lay off 5,000 workers

Europe's leading paper and cardboard maker, Stora Enso said yesterday it could temporarily lay off more than 5,000 workers in Finland due to weakened demand.

In a separate statement the company said fourth quarter profit would be hit by 670 million euros ($891 million) in charges due to reduced production and wood inventory write-downs. Stora Enso had previously said it will permanently slash nearly 1,800 jobs in Europe.

Source : Hurriyet DailyNews
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Metso to cut up to 1,200 jobs

Finnish engineering group Metso said in a statement Monday it would launch a round of statutory cooperation procedure talks spanning Finnish units serving the wood-processing industry.

Metso added up to 1,200 workers were affected.

"The preliminarily planned employee reductions are due to the need to adjust production capacity to correspond with the permanently decreased machine and equipment demand in the pulp and paper industry," the company said.

Metso said in a separate statement it would start another round of talks with the aim of laying off temporarily about 200 people in its mineral processing equipment division.

Source : Newsroom
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Nokia Siemens cuts 1,250 jobs in Finland, Germany

Nokia Siemens Networks Tuesday said it will lay off 1,250 employees in Finland and Germany as part of a previously announced cost-cutting plan.

The company said the job cuts will affect 750 employees in the Finish cities Espoo, Tampere and Oulu, as well as 500 staff at the Hofmannstrasse office in Munich, Germany.

The company, a joint venture between Nokia Corp. and Siemens AG, said the layoff notices were part of the planned 9,000 job cuts announced when the joint venture was formed in June, 2006.

It said it has so far reduced the number of employees by a total of 6,000.

Included in that was a job cut of 2,300 staff in Germany, which was concluded in May 2008. However, the company said new assessments of cost-cutting requirements and "continued challenging telecommunications market conditions" meant it had to continue the reduction now.

Nokia Siemens Networks also said it has reached an agreement to sell its manufacturing site in Durach, Germany to the current management of the plant, which will result in a transfer of around 500 employees.

Some 50 jobs in Egypt and 20 jobs in the United States will also be cut, and the company said other countries should also expect to see small staff reductions.

Source : IHT
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic]

Nokia To Cut 600 employees

Nokia has warned that a series of company reorganisations could lead to around 600 employees losing their jobs.

The company said on Tuesday that it plans a number of moves within its markets and research centre units. Of the jobs which could be cut, roughly 235 are located in Nokia's home country of Finland.

Nokia said that the moves were more due to its ongoing restructure than any economic factors.

"Today's changes are part of Nokia's constant renewal where it is important to be close to our customers and ensure that our people are able to focus on the key business priorities," said Juha Äkräs, Nokia's senior vice president of human resources.

"Also, our aim is to find alternative work within Nokia for as many employees as possible."

Most of the cuts will come from sales and marketing activities in Nokia's markets unit. The firm said that some 450 employees could be affected by the cuts, 100 of whom are based in Finland.

Many of the remaining cuts will come from the Nokia Research Center, which will see as many as 130 employees affected, including 100 in Finland.

The remainder will be among the 35 roles that could be cut globally as Nokia shifts its global process operations unit. Nearly all of those moves are said to be occurring in Finland.

Nokia has already expressed gloom over the current economic climate and today's announcement comes in the midst of a wave of cuts in the consumer and enterprise technology markets.

Circuit City announced yesterday that it is to close 155 stores in the US, while Xerox and Yahoo announced thousands of job cuts in October.

Source : vnunet
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession]