LocalTapiola

Type
Merger/Acquisition
Country
Finland
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
244 jobs
Number of planned job losses
Job loss
Announcement Date
15 May 2014
Employment effect (start)
Foreseen end date

Description

Finnish insurance group Local Tapiola (LähiTapiola) has announced that it will cut 244 jobs.

Initially, Local Tapiola had planned a job reduction of 400 however this was reduced after negotiations with employee representatives. The job reduction is part of a cost saving plan and the company hopes it will make the business more efficient. Local Tapiola plans to reduce costs by €20 million through this measure. According to the press release, the company will support workers who are made redundant to find alternative employment.

Last year, Tapiola and Local Insurance merged into one company and rebranded as Local Tapiola. The ERM has reported on previous restructuring events at Tapiola in 2011.

Sources

  • 15 May 2014: HBL.fi
  • 15 May 2014: LähiTapiola (press release)

Citation

Eurofound (2014), LocalTapiola, Merger/Acquisition in Finland, factsheet number 77061, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77061.