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.
Finnish paper and paperboard company Stora Enso is to cut about 580 jobs. The firm announced on 10th September the shutdown of two paperboard lines in Finland: it will shut down a machine at its paper cup and liquid carton plant in Imatra with a loss of about 330 jobs and a tube board machine in Varkaus with a loss of more than 100 jobs. In addition, Stora Enso will cut about 100 jobs at the Veitsiluoto paper factory in Kemi and about 50 jobs at the Kotka paper factory.
The aim of the cuts and new investments is to allow the company, which has been the greatest buyer of Russian wood so far, to get by completely without imports from Russia. Shutting down two paperboard production lines should improve profits by EUR 140 million by 2010. There will also be cutbacks in production at the Sunila and Enocell pulp mills with the aim of reducing excess output. CEO Jouko Karvinen says that the factories will be a “safety valve for balancing capacity” and if enough wood becomes available for the factories at a reasonable price, the mills will run at full capacity.
Background information on the Stora Enso case is available on the European Industrial Relations Observatory (EIRO).
Eurofound (2008), Stora Enso, Internal restructuring in Finland, factsheet number 67123, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67123.
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