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-Swedish forest industry company Stora Enso has announced that it will cut 1,110 jobs in two European countries in 2021. Under the restructuring programme, the company is to close down pulp and paper production at its two mills located in Sweden and Finland, hence cutting 440 and 670 jobs respectively. Stora Enso has started negotiations with employees’ representatives, and the closures are to take place in the third quarter of 2021.
According to the CEO of Stora Enso, a drop in demand for paper has occurred over the last decade, and the COVID-19 pandemic has accelerated the process. After the planned closures, Stora Enso is to reduce paper production capacity by 35% to 2.6 million tonnes per year, and the share of paper division is to be reduced to slightly above 10%. The company’s annual paper sales will decrease by approximately €600 million.
Stora Enso is a Finnish-based multinational company with around 23,000 employees worldwide. In Europe, the company employs over 18,000 people.
Eurofound (2021), Stora Enso, Closure in European Union, factsheet number 104718, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104718.