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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.5 - Casting of metals
115 jobs Number of planned job losses
Announcement Date
27 October 2015
Employment effect (start)
Foreseen end date
Description
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.
Sources
27 October 2015: DT.se
30 October 2015: Gästriklands tidning
27 October 2015: Sveriges Radio
3 November 2015:
Citation
Eurofound (2015), Ovako, Internal restructuring in Sweden, factsheet number 85653, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85653.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
