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 Estonian oil-shale mining company AS Eesti Põlevkivi is about to lay off 300 workers in Ida-Virumaa. The company has experienced difficulties during the economic fall and needs to cut expenses. The company hopes to save about 100 million EEK due to these lay-offs. Several structural units have already been closed down and about 40-50 of the 300 persons have left. Some of the dismissed workers will find new jobs in Eesti Energia, the company that owns 100% of Eesti Põlevkivi shares.
Eesti Põlevkivi consists of the parent company and 3 subsidiaries. In addition to oil-shale pitches and mines, Põlevkivi Raudtee Ltd. (a railway enetrprise) and Mäetehnika Ltd. (mining machinery enterprise) also belong to the group. The annual production of the group is 14.8 million tons and turnover 1.8 billion krons.
Eurofound (2008), AS Eesti Põlevkivi, Internal restructuring in Estonia, factsheet number 67533, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67533.