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.
Transportation / Storage Warehousing And Support Activities For Transportation, Postal And Courier Activities Warehousing And Support Activities For Transportation 52.24 - Cargo handling
700 jobs Number of planned job losses
Announcement Date
21 October 2008
Employment effect (start)
Foreseen end date
1 January 2011
Description
Cargo handling company Cargotec has announced a worldwide restructuring which will result in the loss of 700 jobs. The restructuring will mainly affect Finland, Sweden and USA. In other countries, the plans will be communicated once they have been finalised. In Finland, Cargotec will start personnel negotiations regarding 300 jobs at four locations: Helsinki, Raisio, Salo and Tampere. The restructuring measures are aimed at adjusting capacity in Hiab (on-road load-handling) to the prevailing market situation and improving Hiab’s and Kalmar’s (automation applications) profitability. In doing so, the company will increase its annual turnover by EUR 25 million. Further restructuring measures are also currently in process and will be started in several other countries mainly in Western Europe and North America. These cover both adjusting capacity in production units and other actions aimed at improving efficiency of the operations. Plans are being implemented in, for example, Hiab’s units in Dundalk, Ireland; Bispgården, Sweden; and Tallmadge, Ohio, USA. In addition, Hiab’s manufacturing operations at the truck-mounted forklift unit in Ohio, USA, will be closed and manufacturing will be consolidated to a joint Cargotec production unit in Kansas. The actions target to the achievement of Cargotec’s profitability target by 2011. Cargotec employs approximately 11,000 persons in about 160 countries all over the world.
Sources
21 October 2008: Helsingin Sanomat
Citation
Eurofound (2008), Cargotec, Internal restructuring in World, factsheet number 67307, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67307.
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