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.
Viru Keemia Group AS, the largest shale oil and chemicals manufacturer in Estonia, announced on 07-10-2014 that it has opened its new plant (Petroter II) creating 100 new jobs and 400 indirect jobs. The company started building the plant two years ago and announced back in the end of 2012 that it will recruit new workers and increase the salaries of some employees in 2013. The pay rise affected those working in specialities (such as chemical techologists) where labour force deficit is evident and pay rise was necessary in order to stay competitive and hold on to qualified workers. The whole project cost €65 million and with investments to energy system around €150 million. According to the Prime Minister of Estonia, the new plant is a step towards energy independence and energy security, in addition this leads Estonia one step closer to its own diesel fuel production, which is also important from the energy security perspective.
Eurofound (2012), Viru Keemia Group, Business expansion in Estonia, factsheet number 74739, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74739.