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.
Kreenholmi Valdus, one of the biggest textile companies in Estonia is to lay off 900 employees in Narva with the closure of weaving and spinning departments in the factory. This is a second wave of dismissals in a period of June 2007- June 2008. Previously dismissal of 800 jobs was announced and thus altogether 1676 employees are laid off.
After the closure, the company continues mainly colouring, printing and finishing of textiles in Narva. The owner of Borås Wäfveri Mats Gabrielsson explains that in the long run weaving and spinning are not profitable in the European Union due to the lower labour costs in Asia. As a direct reason of the closure Gabrielsson refers to the disagreement with the local water company Narva Vesi that has led to a short-term arrestment of the bank accounts of Kreenholmi Valdus.
The local authority does not agree that there is a connection between the price of the water and the closure. They predict that the job reduction in Kreenholmi Valdus will not cause serious problems for the former employees. In Narva 3800 new jobs have been created during years 2005 to 2007 and there will be 600 new jobs created in 2008. About 300 people should find work in other sewing companies. Additionally, there is a project initiated helping the former employees of Kreenholmi Valdus to find work again.
Eurofound (2007), Kreenholmi Valdus, Internal restructuring in Estonia, factsheet number 66113, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66113.
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