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 tyre manufacturer, Nokian Renkaat (or Nokian Tyres) has announced plans to cut up to 150 jobs in Nokia, Finland. The company justifies the austerity measures with the current situation.
Nokian Renkaat plans to reduce its production of passenger car tyres and the company's goal is to annually save EUR 8 million. The company's quarterly report was published the same day as the announcement of the cuts. The results showed that sales had decreased from last year's EUR 370 million to approximately EUR 346 million. The operating profit decreased from just under EUR 91 million to approximately EUR 81 million. The decrease is due to the poor economic situation in the retail sector in Russia, and that advance sales of winter tyres in Russia and Central Europe has not commenced as expected.
The ERM has reported on previous restructuring cases at Nokian Renkaat, most recently in 2012.
Update 2015-10-01: Employer-employee negotiations finally resulted in 122 redundancies.
Eurofound (2015), Nokian Renkaat, Internal restructuring in Finland, factsheet number 84396, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/84396.