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.
Outokumpu, a Finnish Steel production company, has completed collective bargaining negotiations and will dismiss 170 employees in Sweden. The job cuts are a result of the negotiations announced in November 2020 during which 190 planned job losses where announced in Sweden. The company's units in Avesta, Degerfors and Nyby are affected by the job cuts.
In addition to the job cuts in Sweden, the company announced that it will dismiss 480 employees in Finland and Germany. The job cuts are a part of a larger restructuring programme, which intends to cut 1,000 jobs worldwide by the end of 2021. According to the company, high import pressure and the impact of the COVID-19 pandemic on the global economy have forced the company to reduce fixed costs, of which personnel expenses are a significant part.
Outokumpu is a global company whose head office is located in Finland. Outokumpu currently has 10,000 employees worldwide.
Eurofound (2020), Outokumpu , Internal restructuring in Sweden, factsheet number 102955, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102955.
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