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.
Stora Enso, a Finnish pulp and paper manufacturer, announced a series of cost cutting measures which include plans to lay off 520 workers in an attempt to improve the company’s profitability.
The employment cuts will affect one paper production plant in Sweden in particular, where due to weak newsprint demand across Europe, the company plans to lay off approximately 140 workers. In Finland, one packaging plant in Ruovesi will be permanently closed due to a decrease in demand for its products as well as the poor financial performance of the plant. While this closure will affect up to 60 employees, Stora Enso is also planning to streamline operations at its packaging business at its other Finnish plants in Heinola, Ingerois and Pori as well as at its Swedish units. These restructuring measures will affect another 100 employees in the two countries. Moreover, the company is also planning employment cuts across its Polish sites, which will result in up to 135 redundancies. A small number of employees, approximately 25, will be affected by job cuts in the company’s sawmills in Sweden and Finland. Furthermore, the company’s biomaterials stream located in Sweden is also planning to reduce its workforce by 60 employees.
Stora Enso has stressed its commitment to help the workers affected by this decision, together with local communities, to find new employment options. The company also emphasized that relocation opportunities will be available.
Eurofound (2012), Stora Enso, Internal restructuring in European Union, factsheet number 74381, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74381.
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