Jan 17 (Reuters) – Decades-high inflation and the impact of war in Ukraine have forced European companies to lay off or freeze hiring.
Here are some of the companies that have announced reductions:
AIRLINES, CARS, TRAVEL
* AIR FRANCE (AIRF.PA): France’s flagship carrier was in talks to cut nearly 300 ground staff positions through voluntary departures, Le Figaro newspaper reported in June.
* FINNAIR (FIA1S.HE): The Finnish airline announced on November 21 that it would cut around 150 jobs, including 90 in its home country, as part of a plan to return to profitability.
* MICHELIN (MICP.PA): the tire manufacturer announced at the beginning of December its intention to cut up to 1,600 jobs in France, i.e. less than the 2,300 planned in its initial voluntary redundancy plan, as it seeks to safeguard the production.
* STELLANTIS (STLA.MI): The world’s fourth-largest automaker indefinitely laid off an indefinite number of workers at its Michigan stamping plant in mid-June to mitigate supply chain impacts.
INDUSTRIAL AND ENGINEERING
* ALFA LAVAL (ALFA.ST): the Swedish engineering group launched a restructuring of its energy and marine units at the end of October, affecting around 500 employees.
* HUSQVARNA (HUSQb.ST): The garden equipment and tool maker announced in late October that it would cut 1,000 jobs, the vast majority of them related to the switch from petrol to battery-powered tools .
* SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine manufacturer announced at the end of September its intention to cut 2,900 jobs, mainly in Europe, as part of a plan to return to profitability.
* VALMET (VALMT.HE): Valmet launched negotiations in May for temporary layoffs at its valve plant in Helsinki lasting up to three months, affecting around 340 employees, due to reduced orders caused by war and Chinese restrictions related to COVID-19.
FOOD, RETAIL AND CONSUMER GOODS
* AHOLD DELHAIZE (AD.AS): The Dutch supermarket company announced on December 8 that it planned to cut around 300 jobs at its online subsidiary Bol.com as part of a restructuring campaign.
* CLAS OHLSON (CLASb.ST): The Swedish hardware chain announced in December that it would cut around 85 full-time jobs, among other measures to cut costs and reduce depreciation.
* H&M (HMb.ST): The Swedish fashion giant, which employs around 155,000 people, announced in November that it would cut some 1,500 jobs as part of a 2 billion crown savings drive ( $189.5 million).
* ICA GRUPPEN: The Swedish retailer said in December it would cut around 200 jobs due to rising costs, inflation and falling disposable income to save around 1 billion crowns a year.
* GETIR: Turkey’s fast grocery delivery company said in late May it planned to cut 14% of its staff worldwide due to rising inflation and rising costs, a source told Reuters.
* SALMAR (SALM.OL): the Norwegian fish farmer announced in November temporary layoffs of 851 employees, the Norwegian government planning to increase taxes on salmon farms to fight against inflation.
* HENKEL (HNKG_p.DE): The German company behind Schwarzkopf announced in early May that it would cut around 2,000 jobs due to weak demand for its products, as well as rising costs and supply chain issues world.
BANKING AND FINANCE
* KLARNA: Dagens Industri announced in May that the Swedish payments company would lay off around 10% of its 7,000 employees.
* MONTE DEI PASCHI DI SIENA (BMPS.MI): The Italian public bank has agreed with unions to cut 4,125 employees, out of a total of 21,015, by the end of 2022, through a costly and voluntary early retirement plan.
TECHNOLOGY
* PHILIPS (PHG.AS): The Dutch medical equipment maker announced in October that it would cut around 4,000 jobs, or 5% of its workforce, to counter falling sales and after a mass recall of its breathing devices .
* SINCH (SINCH.ST): The Swedish cloud communications company announced in October that it would lay off 150 employees, almost 4% of its workforce, as it aims for gross savings of at least 300 million crowns a year .
* VODAFONE (VOD.L): The British telecommunications group plans to cut several hundred jobs, most of which are located at its London headquarters, as part of the savings measures announced in November, the Financial Times reported on Jan. 13, citing people briefed on the discussions.
OTHER
* BASF (BASFn.DE): The German chemicals maker announced a new cost-savings program in October that will include an undisclosed number of job cuts, and later said its European operations were to be cut “by permanently”.
* TAYLOR WIMPEY (TW.L): The British homebuilder said on January 13 that it was considering job cuts to contain costs, but did not specify the number of potential job cuts.
Source: Regulatory filings, Reuters articles and company websites
($1 = 10.4142 Swedish crowns)
($1 = 0.9222 euros)
Compiled by Agata Rybska and Louise Breusch Rasmussen in Gdansk; Editing by Alexander Smith and Milla Nissi
Our standards: The Thomson Reuters Trust Principles.
