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 Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.1 - Manufacture of basic iron and steel and of ferro-alloys
500 jobs Number of planned job losses
Announcement Date
23 September 2005
Employment effect (start)
Foreseen end date
31 December 2008
Description
The new Ovako Group, formed in the spring 2005, is starting to realise synergies from the merger through the elimination of overlapping operations and by adopting the most efficient practices across the merged companies. The company announced that 585 jobs would be cut as a result of the merger and the cost-saving program, among which 500 in Sweden. The cost savings will be implemented gradually from 2006 to 2008. The staff reductions will be made through retirement arrangements in so far as is possible. The number of potential lay-offs will depend on the negotiations affecting Ovako's operations in Sweden at the Hofors, Hällefors, Smedjebacken and Boxholm mills and in Finland at the Imatra mill.
Sources
23 September 2005: Svenska Dagbladet
23 September 2005: Press release by Ovako
Citation
Eurofound (2005), Ovako, Merger/Acquisition in Sweden, factsheet number 62353, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62353.
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