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-Swedish forest industry company Stora Enso has concluded employer-employee negotiations concerning the entire personnel of around 600 people at the site of Oulu Mill. As a result, 365 jobs will be lost. Up to one-fifth of the redundancies can be carried out through pension arrangements.
Due to the decrease in graphic paper demand, production at the Oulu Mill is shifting from paper to paperboard. The company will invest €350 million to convert the paper mill into packaging board production. Paper machine no. 6 as well as the sheeting plant will be closed. The process is expected to be finalised by the end of 2020.
According to Stora Enso, the company will ‘provide support to the people who will not continue working at the Oulu Mill after the conversion’. The president of the Finnish Paperworkers’ Union urged the company to make personalised re-employment plans for everyone who loses their jobs.
Stora Enso employs around 26,000 people globally.
See Stora Enso 2017-SE and 2016-FIfor recent restructuring events recorded in the ERM.
Eurofound (2019), Stora Enso, Closure in Finland, factsheet number 97898, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97898.
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