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.
Swedish steel company Ovako will implement cost reductions and restructuring resulting in 115 redundancies in Forsbacka and Hofors. The restructuring includes closing the production and distribution centre in Forsbacka (Sweden) and a transmission from four to three shifts will be implemented in the steel mill in Hofors starting on 1 December 2015. At the moment 65 jobs have been cut in Forsbacka and 50 jobs have been cut in Hofors.
Additionally following concluded employer-employee negotiations at the the rolling mill inHällefors, 150 jobs will be cut following a closure of the rolling mill. Activities in the facilities in Hällefors and Forsbacka will be moved to other Ovako units.
In total about 300 employees in Sweden and Finland will be affected by the restructuring. Ovako's supply of products will not be affected. Costs for restructuring are estimated at €10 million. The annual cost reduction is estimated at €45 million when entering into full effect in 2018. CEO Tom Erixon says that market growth is expected to be low the next three years and that Ovako has an overcapacity. A total of 300 employees will be affected by the restructuring and the company is estimating a net reduction of 250 workers.
Eurofound (2015), Ovako, Closure in Sweden, factsheet number 85653, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85653.
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