Finnish IT software and services giant Tieto has announced it plans to shed as many as 700 jobs globally, in an effort to save 30-35 million euros annually.
The firm said it expects the job cuts to impact up to 210 of its workers in Finland, 160 in Sweden, 250 in Czech Republic as well as "tens of other roles" in other countries in which it operates.
Tieto said it began redundancy negotiations with employer groups in Finland, Sweden and Czech Republic on Wednesday and that most of the planned job cuts would be completed by the end of this year.
The job cuts are anticipated to affect all of the firm's business units apart from its product development department, according to Tieto's CEO Kimmo Alkio.
The restructuring is part of the company's new strategy which it revealed earlier this year, when it simultaneously announced plans to hire up to 3,000 new employees.
"We have renewed Tieto during the past years and are now entering the next phase of transformation. Unfortunately, this also means personnel reductions - which [are] never easy. However, these measures are necessary to ensure our long-term competitiveness and we will do our utmost to support our employees through this change," Alkio said in a company release on the matter.
Based in the southern Finnish city of Espoo, Tieto employs some 15,000 people in more than 20 countries, 3,700 of which in Finland. The company was founded in 1968.