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 partly state-owned Norwegian aluminium production company Norsk Hydro has announced to reduce production at the Karmoy aluminum plant due to weak aluminium markets. This restructuring will result in the loss of around 450 jobs by the end of 2009. The extreme market situation made the company shelve its plans for a new, modern production line at the Karmøy plant.
Norsk Hydro also said it would consider further "production adjustments" in December beyond those already announced. "The extreme market situation means that the company has to consider production cuts over and above those already implemented," said Hydro Executive Vice President Hilde M. Aasheim, head of Hydro's aluminium metal division.
The unions accuse the government for not having established a regime of long-range electric power supplies, which has been a precondition for Norsk Hydro to invest in a new line. Little is said about job reduction measures, except that some workers may be offered jobs at the new plant in Qatar. Norsk Hydro has a tradition of close cooperation between management and trade unions to find solutions.
Eurofound (2008), Norsk Hydro, Internal restructuring in Norway, factsheet number 67492, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67492.
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