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 Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.52 - Casting of steel
134 jobs Number of planned job losses
Announcement Date
7 December 2012
Employment effect (start)
Foreseen end date
Description
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.
Sources
7 December 2012: Sveriges Radio
6 December 2012: Gefle Dagblad
Citation
Eurofound (2012), Ovako, Internal restructuring in Sweden, factsheet number 74619, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74619.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
