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.
Port and transport operator Steveco Oy, will shut down its operations in Hamina and concentrate its roll-on roll-off (RoRo) business in Kotka. According to Steveco CEO Kari Savolainen, due to lower than expected sea traffic volumes at Hamina Port, the company has not been able to develop the required operations as expected.
Steveco employs 300 workers in Hamina. Some will have possibility to transfer to work in port of Kotka or Vuosaari in Helsinki. Some 100 workers will lose their job permanently. Steveco employs a total of 1200 workers in Hamina, Kotka and Helsinki.
As a consequence of this restructuring, the Finnish forest products manufacturer UPM will transfer its entire sea traffic from Hamina to Port of Kotka starting from the beginning of 2008. Cooperation with Steveco will continue as normal. UPM will transfer its stowable RoRo (StoRo), RoRo and ocean container traffic from Hamina to Kotka.
Eurofound (2007), Steveco, Internal restructuring in Finland, factsheet number 66143, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66143.