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.
Moventas Santasalo, a manufacturer of industrial gears, has announced the redundancy of all production staff from its plant in Karkkila (Finland). As a result of a total of 171 people are to lose their job. Finnish personnel in sales, engineering, R&D, and administration are not impacted by these cuts. The company has started negotiations with employee representatives on the cuts.
Moventas Santasalo and its sister company Moventas Wind were acquired in 2011 by the Clyde Blowers Group after their parent company Moventas Ltd. had filed for bankruptcy. Moventas Wind, producer of wind turbine gears, announced restructuring in late 2011 (see here).
Moventas Santasalo cites the need to move production closer to its customers as the reason for the cuts. It operates another unit in Finland as well as several others worldwide.
UPDATE, 02/04, 2012 - Production of industrial gears will be transferred to the Jyväskylä plant by the end of 2012. Moventas has offered all employees work at the Jyväskylä plant.
Eurofound (2012), Moventas Santasalo, Relocation in Finland, factsheet number 73105, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73105.
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