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.
The largest Finnish development and construction company YIT, part of YIT Group, is starting cooperation negotiations that can lead to a reduction of 150 jobs in Finland.
With the launch of a transformation program, the company aims to achieve annual cost savings of at least EUR 40 million by the end of 2024.
The cooperation negotiations in Finland concern salaried and senior salaried employees, as well as directors. According to the company, salaried employees working in production jobs at construction are not threatened by these negotiations.
These cost savings are additional to the ones announced in November 2021, when YIT outlined plans to achieve annual cost savings of EUR 15–20 million by 2023, also affecting 200 jobs in Finland.
YIT employs 7,000 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland.
Update 4/4/2023: The change negotiations were completed in March and resulted in a reduction of approximately 130 jobs. According to the company, reductions will be achieved through redundancies, expiring fixed-term employment relationships, and retirements as well as outsourcing of IT functions, and voluntary resignations.
Eurofound (2023), YIT , Internal restructuring in Finland, factsheet number 108418, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108418.