Type
Bankruptcy
Country
Finland
Region
Manner-Suomi; Länsi-Suomi; Pirkanmaa
Location of affected unit(s)
Valkeakoski
Sector
Manufacturing
Manufacture Of Material For Textiles, Apparel, Leather And Related Products
Manufacture Of Textiles
13.9 - Manufacture of other textiles

300 jobs
Number of planned job losses
Job loss
Announcement Date
17 December 2008
Employment effect (start)
Foreseen end date
1 January 2009

Description

Finnish viscose fibre production company Kuitu Finland Oy has filed for bankruptcy. In 2007 the First Alverstone Group, a private equity group headquartered in Singapore, acquired the majority of Säteri Oy's shares. As of December 1, 2007 Säteri Oy's name changed to Kuitu Finland Oy. Kuitu Finland employs some 300 workers in Valkeakoski.


Sources

  • 17 December 2008: Helsingin Sanomat

Citation

Eurofound (2008), Kuitu Finland, Bankruptcy in Finland, factsheet number 67669, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67669.