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.
One of Scotland's oldest manufacturing companies has closed its paper making operation in Fife with the loss of more than 100 jobs. Smith Anderson in Leslie had already cut back on operations last year in the face of rising energy prices. Costs have continued to increase and the company said the business had become unsustainable.
Receivers KPMG have been called in and the paper making plant has been shut down with immediate effect. Smith Anderson is a subsidiary of the Smith Anderson Group. Another subsidiary, Smith Anderson Packaging, employing 235, is not affected by the receivership and will continue making up 45 million bags a week.
Joint receiver and head of restructuring for KPMG in Scotland, Blair Nimmo, said: 'The paper making side of the group appears to have been in a challenging position for some time. A combination of high overheads and tough market conditions left the group's directors with no choice but to request the appointment of receivers. It is regrettable, but the receivership has resulted in the closure of the two remaining paper machines on the Leslie site. The current financial situation means that we have no option but to make 106 redundancies with immediate effect, with the exception of the Securecycle division, the paper making business has effectively now ceased to trade.'
Eurofound (2006), Smith Anderson, Closure in United Kingdom, factsheet number 63633, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63633.
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