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.
Fabrics production company Finlayson Forssa has been declared bankrupt by its Norwegian owner. making all 120 workers at the factory redundant.
Finlayson Forssa produced and supplied fabrics to work wear and military garments.
Norwegian Sagatex ASA bought Finlayson Forssa Oy from Asko Oy together with its sister company Finlayson Sisustustekstiili Oy in 1998. Few years later Finlayson Sisustustekstiili Oy was sold to Espe Oy.
In the beginning of 2007 Finlayson Forssa Oy decided to close the coating department in Forssa and concentrate on its core competence, manufacturing of work wear and military fabrics. In March 2007 a co-operation agreement was signed about the expansion of production to China.
At the moment Finlayson Forssa Oy includes textile manufacturing and finishing mill in Forssa, weaving mill in Ikaalinen and sales office Sagatex Baltics Oü that operates in Estonia. In 2007 the turnover of the company was € 27 million and there were some 200 employees.
Eurofound (2008), Finlayson Forssa, Bankruptcy in Finland, factsheet number 67474, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67474.