European companies cut jobs as economy sputters
Updates Schaeffler, adds entries on Stellantis, Thyssenkrupp and Idorsia
Nov 27 (Reuters) -Difficult economic conditions and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.
Here are some of the layoffs announced since the start of September:
BANKS
* DNB DNB.OL: The Norwegian lender said in September it would cut the equivalent of 500 full-time jobs over the next six months, as it prepares for lower interest rates and tougher competition ahead.
* SANTANDER SAN.MC: The Spanish bank said in October it would cut more than 1,400 jobs in its British business.
* UNICREDIT CRDI.MI: The Italian bank has signed an agreement with labour unions that included 1,000 voluntary redundancies and 500 new jobs, Italy's banking union Fabi said on Oct. 17.
CAR AND CAR PARTS MAKERS
* BOSCH: The world's biggest car parts supplier is planning to cut 3,500 jobs by end-2027 in its cross-domain computer solutions division, it said on Nov. 22.
* MICHELIN MICP.PA: The French tyre maker will shut down two sites in Western France, affecting about 1,250 jobs, it said on Nov. 5.
* SCHAEFFLER SHA0.DE: The German machine and car parts maker, hit by weak demand from auto and industrial clients, said on Nov. 5 it planned to cut 4,700 jobs. As part of these measures, it will close two plants in Austria and Britain, it said on Nov. 27.
* STELLANTIS STLAM.MI: The Milan-listed automaker said on Nov. 26 it planned to shut its Vauxhall van factory in southern England, putting more than 1,000 jobs at risk.
INDUSTRIALS AND ENGINEERING
* NORTHVOLT: The Swedish battery maker said in September it planned to lay off 1,600 employees in Sweden.
* THYSSENKRUPP TKAG.DE: The German conglomerate's steel-making division said on Nov. 25 it planned to cut 5,000 jobs by 2030 and an additional 6,000 jobs through spin-offs or divestitures.
RETAIL AND CONSUMER GOODS
* AUCHAN: The French supermarket group said on Nov. 5 it planned to cut more than 2,000 jobs amid falling traffic in its stores.
* HUSQVARNA HUSQb.ST: The Swedish garden equipment maker said in October it would cut around 400 jobs, hit by constrained consumer spending.
TELECOMS
* TELIA TELIA.ST: The Swedish telecom operator is looking to cut around 3,000 jobs in 2024, it said in September.
OTHERS
* AIRBUS AIR.PA: The aerospace group said on Oct. 16 it would cut up to 2,500 jobs in its Defence and Space division by mid-2026.
* EQUINOR EQNR.OL: The Norwegian oil, gas and renewable energy producer is cutting 20% of the staff from its renewable energy division, it told Reuters on Nov. 21.
* IDORSIA IDIA.S: The Swiss pharmaceutical company said on Nov. 27 it would shed up to 270 jobs as part of its restructuring efforts.
* LUFTHANSA LHAG.DE: The German flag carrier aims to gradually reduce jobs in administration by 20%, the Manager Magazin reported on Nov. 14.
* MONDI MNDI.L: The British packaging maker said in October it would shut down a paper mill in Bulgaria after it was damaged by a fire, affecting around 300 positions.
* SMA SOLAR S92G.DE: The German solar power parts supplier said on Nov. 13 it planned to cut up to 1,100 jobs worldwide.
* SYENSQO SYENS.BR: The Belgian chemicals maker said on Nov. 5 it would cut 300-350 jobs primarily in France, the U.S., Belgium and Italy.
* UPM UPM.HE: The Finnish forestry group may cut up to 110 jobs in its Fibres Finland business, it said on Oct. 8.
* YARA YAR.OL: The Norwegian fertiliser maker said on Oct. 15 that planned production changes at its Tertre plant in Belgium, including the closing of its ammonia unit, could result in a dismissal of around 115 workers.
Source: Regulatory filings, Reuters articles and company websites
(Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw Lasocki, Charlotte Eugenie Yvette Bawol, Olga Sawczuk, Bernadette Hogg in Gdansk and Radhika Anilkumar in Bengaluru; Edited by Shounak Dasgupta and Milla Nissi)
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