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.
TVMK, the manufacturer of wood products, changed its name to Baltic Panel Group and announced the move of its veneer production from Tallinn to Kohila.
In 2003 TVMK stopped producing furniture and in 2005 it abandoned the production of chairs. Only 300 workers continued to produce veneer until February 2006 when the factory was closed. It became too costly to manage the industry in the city centre of Tallinn, the capital of Estonia where the factory had been operating since 1880.
The new factory was planned to be opened in July 2006 but due to some hindrances the production will start at the end of November 2006. The veneer quality is expected to be better, although there will be less people employed than in Tallinn instead of over 400 employees who worked for TVMK in Tallinn some years ago, there will be 254 employees producing veneer in Kohila.
Eurofound (2006), Baltic Panel Group, Relocation in Estonia, factsheet number 64464, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64464.
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