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.
Metso has concluded employee negotiations relating to the Finnish units of its Paper business line and is to reduce its headcount by 718 employees. The negotiations concerned all of the units' employees in Finland, totaling approximately 3,800 people. Out of the 718 employee reductions, fixed term employment contracts and early retirement arrangements account for 424 people. The reductions will apply to all employee groups. At the outset of negotiations on January 19, 2009, the headcount reduction required was estimated at between 800 and 1,100 employees.
Numbers of employee reductions, by location: Jyväskylä 270 Järvenpää and Hollola, total 201 Oulu 31 Tampere 45 Turku 91 Valkeakoski and Inkeroinen, total 76 Varkaus 4
The reductions will be implemented immediately, starting in March 2009 and with the last employees leaving in 2010. Metso will support those persons affected by the rearrangements by applying individualized incentive payments on certain conditions and by providing retraining and relocation services. Metso will also compensate removal and travel expenses for those changing their working location within the company.
As a result of the rearrangements, the annual expenses of the Paper business line are estimated to decrease by EUR 40 million. The cost reductions are estimated to be realized in full starting in 2010. The nonrecurring expenses caused by the rearrangements and recognized in 2009 are estimated to be approximately EUR 15 million, the majority of which are estimated to be booked during the first quarter of 2009.
Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. Metso has over 29,000 employees in more than 50 countries.
Eurofound (2009), Metso Paper, Internal restructuring in Finland, factsheet number 68596, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68596.
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