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 Finnish manufacturing company Oras has announced that 57 of its workers at the Rauma factory will be made redundant. In addition, more than 40 employees are under threat of redundancy. The restructuring is a result of the company decision to close down its foundry in Rauma, Finland. The announcement came in mid August 2023 following negotiations that started in June.
According to Oras, the challenging market situation and economic difficulties in the industry have had an impact on the company's decision, even during the negotiation process.
Oras went through cooperation negotiations in December 2022, which resulted in a threat of redundancy covering all of the company's employees in Finland.
The company has about 500 employees in Finland, with the majority working at the Rauma factory.
Oras Group is focused on the manufacture and supply of water fittings, showers and faucets. In addition to Finland, it has factories in Czechia and Poland. The group employs around 1,300 people in total.
Eurofound (2023), Oras, Closure in Finland, factsheet number 200224, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200224.
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