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.
Stora Enso, the Finnish manufacturer of pulp and paper, has announced that is to cut 1700 jobs across EU member countries. Job losses will be implemented in Finland, Sweden, UK and Germany. The firm will close sites in Finland and Sweden with the loss of 1,400 jobs. An additional 300 administrative positions, based in Finland, Sweden, UK, and Germany will also be cut by the firm. The firm has stated that the job cuts were announced ‘in response to dramatic cost increases and in order to safeguard long-term profitability’, and also cited the weakness of the U.S. dollar. Stora Enso Chief Executive Officer Jouko Karvinen has also stated that there may be further job losses and closures to follow. He said:
‘I can no longer just sit and wait for better times or for the strengthening of the U.S. dollar. We will have to respond to the reality of the situation we are in. If we do not manage to reduce raw material costs, we will have to take other measures. The situation is serious, as we are running out of time.’
As of October 2007, there is no information on when the job losses will be implemented by. Stora Enso employs 44,000 globally.
Eurofound (2007), Stora Enso, Closure in European Union, factsheet number 66003, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66003.
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