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.
Manufacturing company Outokumpu has announced 150 to 200 redundancies affecting its stainless steel operations, mainly in Finland. The company will start negotiations with employee representatives in June.
The layoffs are expected to concern mainly the company's stainless steel production (General Stainless) in Tornio (Finland). Its plant in Terneuzen (the Netherlands) will be alsoaffected. Outokumpu's general Stainless business currently employs approximately 2,500 people, mainly in Finland.
Outokumpu cites the need to improve its efficiency and profitability as the reason for the layoffs. Previous rounds of dismissals were carried out in 2011 (see here). The company expects them to be concluded by the end of September 2012.
Eurofound (2012), Outokumpu, Internal restructuring in Finland, factsheet number 73494, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73494.