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.
120 jobs Number of planned job losses
Announcement Date
15 November 2011
Employment effect (start)
Foreseen end date
Description
Moventas Wind, a Finnish producer of gears for wind turbines, has announced up to 120 redundancies from its plant in Jyväskylä. The company has started mandatory negotiations with employee representatives on the proposed cuts.
Moventas Group is being sold to British-based Clyde Blowers Group. In addition to Moventas Wind, the sale includes the subsidiary Moventas Santasalo (220 staff), where cuts are not planned at this time. Moventas Group filed for bankruptcy in June as a result of slowing demand. The company cut staff for the same reason already a year ago.
Updated, 05-12-2011: Moventas has concluded negotiations and confirmed 120 redundancies. It is now planning to dismiss 62 employees and outsource another 58.
Sources
15 November 2011: Taloussanomat
15 November 2011: YLE Internet News
5 December 2011: Taloussanomat
Citation
Eurofound (2011), Moventas Wind, Merger/Acquisition in Finland, factsheet number 72740, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72740.
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