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.
The Swedish-Finnish paper and forestry corporation Stora Enso announced the closure of the Sollenau sawmill by mid-2015, likely to result in the loss of all 125 jobs.
The first part of the closure is to be implemented by the end of the first quarter 2014, whereby all sawmilling activities will be discontinued. By mid-2015, the second step is to be implemented, discontinuing all glulam and planing activities.
The company expects savings in the amount of EUR 7 million annually by the closure. Customers of the Sollenau sawmill are to be serviced by the group's other sawmills in Austria and the Czech Republic.
Currently, negotiations on a social plan for the employees are taking place between management and the works council.
In mid-2013, the ERM reported on the company’s plans to implement a large-scale global restructuring plan including about 2,500 job cuts.
Update, 31-03-2014: Stora Enso's management and works council agreed on a social plan worth €5 million. The social plan includes a fund for cases of hardship and a labour foundation to support redundant employees.
Eurofound (2014), Stora Enso, Closure in Austria, factsheet number 76675, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76675.