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 cargo handling company Cargotec has ended personnel negotiations in Finland and will reduce its workforce in Finland by 271 employees. The negotiations ending on the 9th of December resulted also in a decision not to replace retiring or resigning employees. Additionally, temporary employment contracts will not be continued after expiration.
In Salo, crane manufacturing will gradually be ceased by the end of 2009, resulting in the loss of some 120 job cuts. The remaining functions – product development, sales and marketing, finance and management, after sales and spare parts – will be reorganised according to the changed production structure by the year 2011, including some 150 job cuts.
Cargotec had announced on 20th of October 2008 that it was starting personnel negotiations concerning its 700 employees. The restructuring measures are aimed at adjusting capacity in Hiab (on-road load-handling) to the prevailing market conditions and improving Hiab’s and Kalmar’s (automation applications) profitability.
The main need for measures planned to affect personnel is in Finland, Sweden and USA. In the rest of the countries affected, the plans will be communicated once finalised. As part of the planned restructuring measures Cargotec will start employee co-operation negotiations at four locations in Finland: Helsinki, Raisio, Salo and Tampere.
The above mentioned planned savings actions aim, in addition to adjusting capacity, at an annual result improvement of approximately EUR 25 million. The savings actions are expected to result in costs and asset write downs of approximately EUR 35 million.
Cargotec employs approximately close to 1700 employees in Finland.
Eurofound (2008), Cargotec, Internal restructuring in Finland, factsheet number 67308, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67308.
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