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 UPM, engaged in the bio and forest industry, is to cut 125 jobs at its site in Steyrermühl, Upper Austria. The company, which employees 19,600 staff world wide, announced to cut back its production capacities all over Europe due to a weakening demand for paper products. For Steyrermühl this means that one out of six paper machines currently in operation will be shut down in the first quarter of 2017. Similar measures will be implemented at UPM's site in Augsburg, Germany. UPM expects annual savings of up to €30 million from this step.
Management and trade unions have started negotiations on a social plan for affected workers in Steyrermühl. From the 125 jobs between 20 to 30% should be reduced trough attrition. Management has also established contact with the local office of the Public Employment Service (AMS).
Eurofound (2016), UPM-Kymmene, Internal restructuring in Austria, factsheet number 89041, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89041.