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 forest company UPM will continue a drastic reorganisation programme, which will lead to the reduction of more than ten per cent of the groups jobs. After two months of personnel negotiations UPM is to cut nearly 2,600 jobs. Negotiations lead to 672 dismissals and 1885 employers will move to pension or pension tube.
Due to production closures, nearly one thousand jobs will be lost at paper mills, because 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 groups.
UPM will cut down its personnel from all of its paper mills, following the decision adopted in 13 May 2006 (in brackets, expected cut plans from 9 March 2006, which were higher than the actual ones taking place): Voikkaa 678 (708), Kymi 347 (450), Kaukas 339 (365), Kajaani 212 (223), Tervasaari 215 (219), Rauma 173 (200), Pietarsaari 215 (200), Kaipola 153 (160), Jämsänkoski 154 (150), Administration 71 (65). Total 2557 (2751).
Eurofound (2006), UPM, Internal restructuring in Finland, factsheet number 63489, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63489.
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