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.
The manufacturing company Kempower, which produces quick chargers for electric vehicles, has initiated cooperation negotiations affecting approximately 10% of its staff globally. The majority of the lay-offs will take place in Finland and will be implemented in the fall of 2024. The company is also considering temporary lay-offs in the negotiations.
The cooperation negotiations follow a dramatic change in the expected financial result. In April, 2024, Kempower announced an expected 5-10% positive margin. Now, the company expects a negative result for 2024. Kempower states that the demand for quick chargers for electric vehicles has been lower than foreseen due to slow adoption.
Through the lay-offs, Kempower aims to achieve annual cost savings of €10 million compared to their cost level in the second quarter of 2024.
Kempower is headquartered in Finland and has 675 employees in the country and 232 at its subsidiaries.
Updated 24/09/09:
Kempower has concluded the change negotiations in Finland. Following the change negotiations, the number of Kempower’s personnel in Finland will decrease by approximately 70 person-years. The layoffs will be carried out during September 2024. In addition, the company decreases its headcount with 10 person-years outside Finland.
Eurofound (2024), Kempower, Internal restructuring in Finland, factsheet number 201419, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201419.
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