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Europe Inc cuts jobs as economy sputters

11/21/2022 | 09:53am EST
FILE PHOTO: FILE PHOTO: A Finnair Airbus A320 aircraft prepares to take off from Manchester Airport in Manchester

(Reuters) -Decades-high inflation and the impact of the war in Ukraine have pressured companies across Europe to consider laying off people or put a freeze on hiring.

Below are some of the companies that have announced layoffs to rein in costs:

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.

ALFA LAVAL

The Swedish engineering group launched restructuring drive at its energy and marine units affecting around 500 employees, including the effect from a wind-down of Russian operations, after weak tanker market and soaring costs hit marine business.

BASF

The German chemicals maker announced a new savings programme that will include an undisclosed number of job cuts, and later said its European operations needed to be "permanently" reduced.

FINNAIR

The Finnish airline will cut about 150 jobs, of which 90 are in its home country, as part of a plan to return to profitability.

GETIR

The Turkish fast grocery delivery firm plans to cut 14% of its staff globally due to rising inflation and costs, a source with knowledge of the matter told Reuters.

HENKEL

Germany's Henkel, the company behind Schwarzkopf, will cut about 2,000 positions due to low demand for its products, as well as rising costs and global supply chain issues.

HUSQVARNA

The garden equipment and tools maker will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. The news came after the company reported weaker-than-expected Q3 results.

KLARNA

The Swedish payments company is slashing 10% of its 7,000-strong workforce after rampant inflation and the war in Ukraine hit business sentiment.

MONTE DEI PASCHI DI SIENA

The Italian state-owned bank has agreed with unions to cut 4,125 staff, out of a total of 21,015, by the end of the year through a costly, voluntary early retirement scheme.

PHILIPS

The Dutch medical equipment maker will cut around 4,000 jobs, or 5% of its workforce, to counter falling sales and after a massive recall of its respiratory machines.

SALMAR

The Norwegian fish farmer announced temporary layoffs of 851 employees as the Norwegian government plans to hike taxes on salmon farms to aid its fight with inflation.

SIEMENS GAMESA

The Spanish wind turbine maker plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability.

SINCH

The Swedish cloud communications company will lay off 150 staff, almost 4% of its workforce, as it targets gross savings of at least 300 million Swedish crowns per year.

STELLANTIS

The world's fourth largest carmaker indefinitely laid off an unspecified number of workers at its stamping plant in Michigan to mitigate impacts from supply chain issues.

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.

Source: Regulatory filings, Reuters stories and company websites

(Compiled by Agata Rybska and Louise Breusch Rasmussen in Gdansk; Editing by Milla Nissi)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 1.27% 1.558 Real-time Quote.24.90%
ALFA LAVAL AB 6.60% 352.5 Delayed Quote.9.70%
BASF SE 1.21% 53.37 Delayed Quote.13.69%
FINNAIR OYJ 0.48% 0.526 Delayed Quote.34.85%
HENKEL AG & CO. KGAA 0.00% 65.28 Delayed Quote.0.40%
HUSQVARNA AB (PUBL) -0.74% 91.52 Delayed Quote.25.96%
SALMAR ASA 1.03% 469.4 Real-time Quote.20.74%
SIEMENS AG 0.87% 144.28 Delayed Quote.10.31%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 0.00% 18.05 Delayed Quote.0.00%
STELLANTIS N.V. 1.70% 14.744 Real-time Quote.9.22%
STELLANTIS N.V. 1.35% 14.686 Delayed Quote.9.23%
VALMET OYJ 0.65% 29.5 Delayed Quote.16.49%
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