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 construction company YIT, part of the YIT Group, has announced the start of co-operation negotiations in order to cut up to 200 jobs in Finland. The negotiations concern white-collar employees, while blue-collar employees working at construction sites are not affected, according to YIT. The number of potential redundancies in the whole YIT Group will be of maximum 250 employees.
According to the president and CEO of YIT, the company must modify its operating model to ensure the competitiveness of the organisation. The CEO further motivates YIT’s decision with the need to ensuring the successful completion of YIT’s urban development projects.
YIT was created in 2018 when YIT Corporation and Lemminkäinen Corporation merged. The merger led to reductions of 120 job positions, according to a previous factsheet. YIT group employs about 7,700 people, of which 4,400 in Finland, according to their website. YIT is one of the largest construction companies in the north of Europe with offices in Finland, Russia, Sweden, Norway, the Baltic, the Czech Republic, Slovakia and Poland.
Eurofound (2021), YIT Group, Internal restructuring in Finland, factsheet number 105200, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/105200.
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