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, manufacturer of pulp and paper products, has announced up to 650 redundancies from its plants in Finland. The company is starting negotiations with employee representatives on the cuts.
Stora Enso has approximately 6,400 employees in Finland. Its estimated 650 redundancies are a portion of up to 2,500 job cuts worldwide (see here). The company announced a savings plan in April and has now specified planned personnel cuts. The company seeks to save EUR 200 million annually due to weak economic conditions and decreasing markets. The company is not planning to close any plants in Finland.
Stora Enso's planned redundancies were criticised sharply by labour union representatives. They stated that previous cuts have already stretched resources extremely thin. They also criticised the timing of the announcement which took place some days before Midsummer holiday, a popular starting point of summer vacations and noted that the Finnish government as well as major pension insurance companies own a large share of Stora Enso.
Eurofound (2013), Stora Enso, Internal restructuring in Finland, factsheet number 75559, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75559.
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