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.
Ovako, manufacturer of engineering steel, is announcing reductions of 134 employees at the production site in Hofors. The reductions are part of a program to improve efficiency and reduce costs. In addition to the 134 jobs lost in Hofors, another 70 jobs will be lost in Sweden and Finland during the coming six months. All Ovako sites in the two countries will be affected.
Since 2010 Ovako is owned by private equity investor Triton. Triton has asked the Ovako management to preparing the company for a sale. Earlier employment adjustments by Ovako in Sweden are covered in fact sheets 14537, 12556, 5731, 224.
As of December 2012 there is no information about when the reductions will start taking effect, or when they will be implemented by.
Eurofound (2012), Ovako, Internal restructuring in Sweden, factsheet number 74619, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74619.