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.
Machine manufacturer Metso has announced redundancies of up to 750 employees from its pulp, paper and power business in Finland. The company has started negotiations with employee representatives on the cuts.
Metso's pulp, paper and power business employs approx. 5,000 people in Finland, producing primarily paper and pulp machines. As reported, the demand for paper machines has been particularly poor and the company seeks savings of 50 million Euros. The company seeks to conclude the negotiation process by the end of September 2013. It states that the 750 redundancies will come mainly from Finland and may also include temporary lay-offs among other measures.
As of January 1, 2014 Metso's pulp, paper and power business will start operating under an independent listed company called Valmet.
For previous restructuring see Metso-FI2013 and Metso-FI2012.
Updated, 18-09-2013: Metso has concluded most of the negotiations and confirmed the reduction of 660 positions. As reported, the restructuring envisages redundancies, retirements, termination of temporary contracts and internal transfers. More detailed information has not been published yet. As announced, Metso will provide help to the affected employees via its “Polku” support programme.
Updated, 03-12-2013: Metso has concluded most of the negotiations initiated in October. As announced, 195 redundancies will be implemented: 172 from the Energy business and 23 ones from the Fabrics business. The cuts will include a closure of a production line in Tampere. As reported, most of the redundancies will take place by the end of 2013.
Eurofound (2013), Metso, Internal restructuring in Finland, factsheet number 75765, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75765.