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.
The Swedish steel manufacturer and engineering company Sandvik is dismissing 210 employees at its site in Sandviken. The measure concerns white-collar employees in the company's Materials Technology section. The profitability of the company has declined due to competition, especially from Asian companies, as well as the weak economic development in the oil and gas industry. The need for restructuring measures was observed in the semi-annual report in June. Sandvik states that reductions are necessary in order to secure the future success and position of the company, but seeks to make the process quick so as to minimise the insecurity experienced by employees.
Updated, 11/10/2017: Sandvik has concluded that the job reductions will be the announced 210 white-collar employees. A large part of the reductions will concern the production of tubes and pipes.
Eurofound (2017), Sandvik, Internal restructuring in Sweden, factsheet number 91782, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91782.