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 and Swedish forest industry group Stora Enso will close a pulp mill in Kotka, Finland. The pulp mill has been halted since May 2023 and will not be restarted. This will result in 240 redundancies in Kotka. In addition, the company will lay off 80 office workers in the group functions in Finland.
The company announced an efficiency programme earlier in June 2023. Therefore, these restructuring measures are taken to strengthen long-term competitiveness and reduce costs. Furthermore, the reason for the closure of the pulp mill is a significant increase in the price of wood, which made production unprofitable.
Due to the restructuring measures, the company will also lay off employees in other European countries, in total approximately 1,150 people. Stora Enso-2023-EUThe negotiations finalised so far have resulted in a reduction of 710 employees. In other countries, negotiations are still ongoing and are expected to be completed by the end of 2023.
Stora Enso is a global supplier of renewable products for the packaging, biomaterials and wood products industries, employing 21,000 people. 26% of company employees work in Finland, meaning about 5460 people.
Eurofound (2023), Stora Enso, Closure in Finland, factsheet number 200279, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200279.
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