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 Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.30 - Manufacture of paints, varnishes and similar coatings, printing ink and mastics
290 jobs Number of planned job losses
Announcement Date
3 October 2018
Employment effect (start)
5 October 2018
Foreseen end date
31 December 2019
Description
Finnish paints and coatings company Tikkurila has announced an ‘extensive program to boost profitability’ to save at least €30 million through divestments and closing down certain business operations and sites. In this framework, Tikkurila has announced the divestment of business operations in the Balkan area, discontinuation of operations in Germany and the closing down of a small production site in Russia and in Denmark. These measures will result in the reduction of the headcount by 290. Last August 2018, the company announced plans to make headcount reductions for areas in which overlaps, and opportunities to streamline operations have been identified. As a result, 210 jobs were cut. Three previous restructuring, in Finland, are recorded in the ERM Database in 2015 (41 job cuts), 2011 (100 job cuts) and in 2009 (163 job cuts).
Sources
Citation
Eurofound (2018), Tikkurila, Internal restructuring in World, factsheet number 95626, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95626.
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