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.
The packaging materials manufacturer Walki, the Finnish subsidiary of Walki Group, concluded personnel negotiations on 27th of February 2008. Total of 131 employees are to go, from which 85 from Pietarsaari plant and 46 from Valkeakoski plant.
Walki started personnel negotiations on January 14, 2008. The initiated performance improvement program was to affect all employee groups at Walki's Finnish plants in Pietarsaari and Valkeakoski. It was estimated that the personnel reduction need is 150 employees.
The difficult situation of the European paper industry, and increased raw-material and other production costs has had a negative impact on the company's development.
The restructuring process will be carried out during 2008. In order to further improve the productivity of the Finnish plants an investment program will be implemented in connection with the restructuring measures.
Walki's production units in Finland, Germany, the U.K. China and Sweden combined have an annual production capacity of 300,000 tonnes, an annual net sales total of 300 million euros and a workforce of 1,000 employees.
The Pietarsaari plant employs some 350 and the Valkeakoski plant some 300 employees in Finland.
Eurofound (2008), Walki, Internal restructuring in Finland, factsheet number 66191, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66191.