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 paper manufacturer M-real announced on Tuesday 6 February 2007 that it will reduce its workforce in Finland by 600 people. The aim of M-real’s cutbacks is to improve the company’s result by 40 million Euro. The company has shut down entire paper mills in other countries but this will not happen in Finland. Instead, jobs will be lost at production facilities in different parts of the country. Employees took the news fairly calmly. Pentti Villanen, deputy head shop steward at M-real’s Kemi plant, said that he expects negotiations with management to bring a positive result. Paperworkers’ Union president Jouko Ahonen was also pleased that no manufacturing facilities would be closed down. He predicted that the announcement would not result in any employee walkouts. Meanwhile, M-real surprised observers by announcing that Juha Niemelä, former CEO of UPM, would join the Board of Directors of M-real. He is to bring forest industry expertise to a board mainly comprising forest owners and bankers. M-real employs 4,000 people in Finland and 10,000 more worldwide.
On 12 April, M-real concluded its personnel negotiations at the Takko factory in Tampere, Finland. A total of 140 jobs will be cut. Some of the reductions will be made through pension arrangements. The personnel negotiations continue in other M-real factories in Finland.
On 18 April the paper manufacturer M-real concluded its personnel negotiations in its factories in Jyväskylä and Äänekoski. A total of 110 jobs (white-collar and blue-collar) will be cut by the end of 2008. In the beginning of 2007 the company employed 270 people in Jyväskylä and 494 people in Äänekoski.
Eurofound (2007), M-real, Internal restructuring in Finland, factsheet number 64912, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64912.
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