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.
Venator is closing its titanium oxide manufacturing facility in Pori, Finland. The number of jobs lost includes all 450 employees at the facility.
The closing is a result of rising costs and an extended timeline in association with the restructuring of the Pori facility after it was severely damaged in a fire in January 2017. The site will operate at 20% capacity during the transition period expected to last through 2021. According to Venators' press release, technology and production will be transferred to other sites within the existing network outside of Finland.
Finnish Minister of Economic Affairs invited parties from Pori and the Satakunta area to discuss mitigating actions. According to the Minister, the combined effects on employees and subcontractors could possibly qualify the area for supporting EU-funding.
Eurofound (2018), Venator, Closure in Finland, factsheet number 95404, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95404.