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.
Metsä Woord Eesti AS announced the start of a hiring process for 200 new wmployees who will work at a new birch plywood factory located in Pärnu, Estonia. The construction of the factory will be finished by the end of 2017, the production starts in August 2018, but the hiring process of the employees already started in the middle of December 2017. 10% of the at least 200 employees will be administrative staff, other employees will be specialists, engineers and blue-collar workers. However, it is expected that the job creation will be finalised by the end of 2019. The need to start the hiring process in advance stems from the long training process required, which takes place in Estonia led by Finnish specialists or in Finland.
According to the director of the company in Estonia, the company will not compete with the local manufacturers over the raw produce, because birch veneers will be manufactured in Finland and converted into plywood at the Pärnu factory, thus Estonian wood is not used in the process.
The Finnish wood company Metsä Wood announced in 2016 the plan to invest around €100 million to expand its company, €50 million is invested in the new factory in Estonia.
Eurofound (2017), Metsä Wood Eesti, Business expansion in Estonia, factsheet number 92838, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92838.