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.
Mining and mineral processing company Rana Gruber in Nordland, Norway, is dismissing 50 of its 275 employees. The market price of iron ore is less than half of what it was in 2011, meaning that the company is forced to cut costs wherever possible. The goal is to reduce the staff and increase production by 25 percent. The company's management has also decided to cut their own salaries by 10 percent. The company dismissed 24 employees in 2009 because of the market situation. The financial situation of the company will remain difficult also with fewer employees. The company's future has become a local political issue in Rana county. The company itself and local politicians have argued that the local property tax is too high, endangering the company's future. The proposition to reduce this tax has also revieved outspoken support from local unions.
Update 05/02/2015: In February 2015, it was decided that the regional railway will be upgraded, increasing the company's future capacity to transport iron ore and thus greatly increasing its future competitiveness, according to the company's CEO.
Eurofound (2014), Rana Gruber, Internal restructuring in Norway, factsheet number 79194, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79194.
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