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.
Administrative Services Rental And Leasing Activities Rental And Leasing Of Other Machinery, Equipment And Tangible Goods 77.3 - Rental and leasing of other machinery, equipment and tangible goods
600 jobs Number of planned job losses
Announcement Date
18 December 2008
Employment effect (start)
Foreseen end date
Description
The Finnish machinery rental company Ramirent is planning personnel reductions. The company estimates it needs to reduce its workforce by 600 persons, out of a total of 3,900 employees.
The reduction measures are due to Ramirents expectations of rapid deceleration in 2009 construction volumes and the rental market to be clearly below the 2008 level.
According to CEO Kari Kallio: "Measures to streamline cost structure and a minimum need for investments in fleet capacity will safeguard cash flow and improve our competitiveness. We will focus on re-allocation of our modern fleet capacity to optimise utilisation and defend price levels". The reinforced actions are expected to generate fixed cost savings of around EUR 50 million at an annual level. These actions are expected to result in restructuring costs of around EUR 25 million in the fourth quarter of 2008. Group companies will initiate negotiations on possible lay-offs and redundancies. The impact on the personnel will become clear in each country once negotiations have been finalised.
Ramirent is the leading machinery rental company in the Nordic countries and in Central and Eastern Europe. The Group has some 360 permanent outlets in 13 countries and is registered in Helsinki. Ramirent employs 3,900 people and in 2008 the consolidated net sales were EUR 703 million. Ramirent is listed on the NASDAQ OMX Helsinki.
Sources
18 December 2008: www.arvopaperi.fi
Citation
Eurofound (2008), Ramirent, Internal restructuring in World, factsheet number 68331, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68331.
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