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.
Finnish Forest industry company UPM has announced possible redundancies of up to 650 workers from its various units in Finland. The company has started negotiations with employee representatives on the proposed cuts.
In addition to Finland, UPM will also cut workforce in other European locations. The biggest action in Finland is the closing of a paper mill in Kouvola (Myllykoski) with 375 lay-offs. A total of 125 jobs may be lost in veneer production business. Other lay-offs are possible in pulp production and supporting services.
Related job losses may follow in subcontracted services and ports.
UPDATE, 02/01/2012 - UPM has started layoffs at its Myllykoski mill in Finland. The mill's paper machine will be sold but the buyer may not start to produce printing paper.
UPDATE, 24/02/2012 - UPM has concluded its employer-employee negotiations with the staff of the closed Myllykoski paper mill. The total number of job cuts at the paper mill was reviewed downward. As of February 2012, 92 employees will be made redundant.
Eurofound (2011), UPM, Internal restructuring in Finland, factsheet number 72327, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72327.
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