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.
Finnish provider of social and health care services Pihlajalinna Oyj has announced a restructuring programme aimed at cutting 380 jobs. During the first months of 2019, the company has grown strongly, thanks to mergers and acquisitions and the expansion of its service network. The restructuring programme aims at improving efficiency, saving around €14 million, and to achieve the long-term stability in terms of profit and operational efficiency. Pihlajalinna is one of Finland's leading private providers of social and health care services. The company had 5,850 employees at the end of 2018.
Updated 15/08/2019: Pihlajalinna Oyj has completed employer-employee negotiations. As a result, 180 jobs will be cut, the majority through redundancies , the rest of the jobs cut will take place through retirement and non-replacement.
The job reductions are part of an efficiency improvement programme aiming to save €17 million. Most of the cost savings are planned to be realised by the end of 2019.
Eurofound (2019), Pihlajalinna, Internal restructuring in Finland, factsheet number 98317, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/98317.
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