Hutchison, VimpelCom Said to Seek 1,500 Job Cuts in Italy
- Companies preparing to start joint wireless-provider venture
- Up to $530 million earmarked for voluntary redundancy packages
Maximo Ibarra.
Source: Wind Telecomunicazioni SpaThis article is for subscribers only.
CK Hutchison Holdings Ltd. and VimpelCom Ltd. are planning to cut as many as 1,500 jobs, or about 16 percent of staff in Italy, as the two companies prepare to start their newly merged wireless provider in January, according to people familiar with the plan.
The combined entity led by Wind Chief Executive Officer Maximo Ibarra intends to use as much as 500 million euros ($530 million) to fund voluntary redundancy packages in the first half of 2017, said the people, who asked not to be identified because the matter is confidential. The packages may include payments of as many as four years of annual salary, they said, adding that the company also plans involuntary job cuts after this first round is completed.