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.
Sonoco Hellas SA announced on 28 March 2024 the closure of its two factories in Kilkis and Thessaloniki by 31 May 2024. The company, a subsidiary of the American company Sonoco Products Co, owns facilities spanning 5,500 square meters in Stavrochori, Kilkis, where it manufactures recycled cardboard, paper cylindrical components, and rolls. The closure of the company will result in over 90 employees losing their jobs (60 in Thessaloniki and 30 in Kilkis).
According to the company, the decision was prompted by excessive energy costs. The company attempted to offset the high energy costs by investing around €3 million in the construction of an anaerobic biological reactor with simultaneous biogas production. However, it was unable to utilize the green energy as the Hellenic Electricity Distribution Network Operator S.A.(HEDNO S.A.) did not integrate it into the grid due to lack of capacity.
Eurofound (2024), Sonoco Hellas, Closure in Greece, factsheet number 201002, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201002.
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