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 forestry company UPM will start a drastic restructuring programme, which will lead to the reduction of more than ten per cent of the groups jobs. UPM is to cut nearly 3,600 jobs, of which nearly 3,000 are in Finland. The aim is to improve the companys annual result by EUR 200 million.
Due to production closures, nearly one thousand jobs will be lost at paper mills.UPM will close down the Voikkaa magazine paper mill and one coated fine paper machine at Kuusankoski and one pulp mill and one paper machine at Valkeakoski. The rest of the reductions will be trimmed evenly from all of the company's units and personnel group. About 1,500 employees are supposed to be moved to the "unemployement pension tube" or to retirement.
The "unemployment pension tube / pipeline" indicates a situation in which ageing persons who have become unemployed can retain their eligibility for daily unemployment allowance until they reach the age when they are eligible for unemployment pension and the move on to old-age pension.
With its reorganisation programme UPM will make economic history, because no Finnish company has let go that many of its workers in one fell swoop.
UPM will cut down its personnel from all of its paper mills:
Voikkaa, Kuusankoski (established in 1897) cut: 708 persons
Kymi, Kuusankoski (est. in 1872) 450
Kaukaa, Lappeenranta 365
Kajaani 223
Tervasaari, Valkeakoski (est. in 1872) 219
Rauma 200
Pietarsaari 200
Kaipola, Jämsä 160
Jämsänkoski (established in 1888) 150
Eurofound (2006), UPM, Internal restructuring in World, factsheet number 63110, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63110.
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