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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
700 jobs Number of planned job losses
Announcement Date
29 June 2004
Employment effect (start)
Foreseen end date
31 December 2005
Description
Metso Corporation, a global supplier of process industry machinery and systems, has announced plans to cut its workforce by 1,000 employees worldwide, mainly in Nordic countries and North America. The cuts are carried out to achieve cost savings. On 2 September 2004, Metso Corporation's programme for Metso Paper to reduce annual fixed costs by a total of 50 million is advancing. In the framework of that plan,, Metso Paper will initiate within the next few weeks employee negotiations concerning approximately 700 jobs in Finland, Sweden and North America.
Sources
29 June 2004: Helsingin Sanomat
Citation
Eurofound (2004), Metso, Internal restructuring in World, factsheet number 60478, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60478.
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