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 pulp, paper and timber manufacturer UPM-Kymmene has recently announced its plan to close two of its European paper mills producing magazine paper in an attempt to cut costs. The closures of these two paper mills in Germany and Finland will result in a headcount reduction of 237 staff. The majority of the job cuts (150 positions) will be in Ettringen, Germany with the remainder (87 positions) in Rauma, Finland. The closures will be put in place by end of April 2013 and negotiations with staff have already started. The company, which currently employs around 22,000 staff, has previously put in place large scale job reduction measures in 2011 (see here).
Eurofound (2013), UPM-Kymmene, Closure in European Union, factsheet number 75231, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75231.