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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
65 jobs Number of planned job losses
Announcement Date
7 January 2009
Employment effect (start)
Foreseen end date
Description
The wind turbine and industrial gear production company Moventas has completed personnel negotiations and has cut 65 jobs. The rest of the personnel will be temporarily laid off. Timetable of the layoffs will be clarified later in spring 2009.
Originally the planned job reductions were some 120 employees in Moventas Industrial Gears business in Karkkila and Jyväskylä.
Industrial gear manufacturer Moventas Santasalo Oy employs 300 persons in Karkkila and 77 persons in Jyväskylä.
The profitability of Moventas Santasalo Oy is unsatisfactory, says Jukka Jäämaa, President & CEO. "Several of our customers' projects in process industries have been postponed or cancelled during the last months and this has resulted in a weakened outlook in the industrial gears business. Therefore the cost structure of the Industrial Gears business is too heavy and measures have to be taken."
Moventas employs total of 1,400 employees worldwide.
Sources
20 February 2009: www.taloussanomat.fi
8 January 2009: www.tekniikkatalous.fi
Citation
Eurofound (2009), Moventas, Internal restructuring in Finland, factsheet number 67983, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67983.
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