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
40 jobs Number of planned job losses
Announcement Date
3 March 2016
Employment effect (start)
Foreseen end date
Description
Swedish steel company Ovako will implement cost reductions and internal restructuring resulting in the closure of the rolling mill in Hällefors and 150 redundancies. The reason for the internal restructuring is adaptation to diminishing demand. Negotiations between Ovako and local municipal officials as well as the county agency has been held. Ovako has a total of 500 employees in Hällefors and beyond staff employed at the rolling mill Ovako has staff working with sales, marketing and IT in Hällefors.
The ERM has previously reported on redundancies at Ovako's facilities in Forsbacka and Hofors.
Update 13/6/2016:Ovako has changed their plans and the rolling mill in Hällefors will not be closed. Instead 40 employees will be made redundant and the rolling mill will keep operating. The concern leader Marcus Hedblom states that other ways to strengthen the company's competitiveness have been identified why there is no need to close the rolling mill.
Sources
3 March 2016: www.ovako.com
31 May 2016: Processnet.se
3 March 2016: Sveriges Radio P4
3 November 2015: Sveriges Radio P4
Citation
Eurofound (2016), Ovako, Internal restructuring in Sweden, factsheet number 86629, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86629.
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