Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Finnish forest industry company UPM announced that it will cut 170 jobs in Europe, mainly in Finland and Germany. The company plans to simplify its organisation and improve efficiency in operations and distribution.
UMP is to cut 100 positions at its subsidiary UPM Raflatac, a label materials provider. Additionally, up to 70 jobs are expected to be cut in order to increase efficiency at units located in five countries, mostly in Finland and Germany. The conditions of the restructuring programme will be negotiated with employees’ representatives according to national practices. The cuts are a part of cost-cutting measures undertaken in response to the COVID-19 pandemic, and the restructuring aims to save up to €12 million a year.
UPM was founded in 1995 in Finland. The group has 12 production facilities and employs 18,700 employees worldwide. UPM Raflatac specialises in the production of sustainable label materials for brands and industries. Currently, the company has 10 factories and employs 3,000 worldwide. In 2020, UPM announced two restructuring programmes for units operating in Finland: in July (147 jobs cut) and August (450 jobs cut).
Updated, 29/06/2021: After negotiations with employees’ representatives in various European countries, UPM Raflatac announced that it will cut 129 jobs in Europe.
Eurofound (2021), UPM, Internal restructuring in European Union, factsheet number 102395, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102395.
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