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 Norwegian supplier of aluminium and aluminium products, Norsk Hydro, announced 5th of March in a press release that the company has initiated a review of staff and support functions with an ambition to reduce annual staff- and administration costs by approx NOK 700-800 million compared to the 2008 level, making 250-300 employees in staff and support functions in Norway redundant . Most of the reductions will be done at the headquarters outside Oslo.
About 40 percent of the cost savings are related to external costs for services and consultants. The remaining savings will be achieved by a reduced internal activity level and a corresponding reduction in manning. The majority of the costs savings are expected to have full effect from the first quarter of 2010, while some savings will take longer before coming into effect. It is still not decided how the downsizing will be carried out.
Based in Norway, the company employs 23,000 people in 40 countries, of which 6000 in Norway, and has activities on all continents. Hydro has already decided to implement wide-ranging measures to meet the unprecedented market situation. Primary aluminium production will be reduced by 400,000 tonnes per year, or 23 percent, compared to 2008 by the end of April this year.
Eurofound (2009), Norsk Hydro, Internal restructuring in Norway, factsheet number 68443, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68443.
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