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.
Forestry company and paper manufacturer UPM has announced plans to close two production facilities in Kaukas and Jämsä, Finland, making 250 people redundant. The closures are due to a declining demand for paper products as newspaper sales are declining in favour of digital services. The reductions in Finland are part of a larger, group wide, restructuring program which also affects sites in the UK and France. The reason behind the closures in Finland is cited as the inflexible labour market of the country which raises costs and drives away production.
Update, 21-02-2015: UPM has finished the negotiations concerning the employees at the Kaukas and Jämsä plants. In Jämsä 138 employees will lose their jobs, and in Kaukas 114 positions will be made redundant. The plants are planned to close down in march. The total loss of jobs in Finland amounts to 252.
Eurofound (2014), UPM, Closure in Finland, factsheet number 77903, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77903.