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.
Timber, pulp and paper manufacturing company UPM announced the shutdown of one papermaking machines out of the three available at its production plant in Rauma. The decision is expected to lead to the dismissal of 179 employees (including 14 temporary ones), for which employer-employee negotiations have started. The company plans to turn the papermaking machine off by the end of 2019. The closure is part of a wider restructuring process in Europe with the aim to reach annual cost savings of €20 million.
According to management, the restructuring event is linked to the decrease in demand for uncoated paper in Europe. Moreover, a spokesperson for the company signalled concerns for talks about harvesting restrictions in the country and claims that Finland is far from the market with high transportation costs. On the contrary, employees criticized the announcement, as they claim that the remaining two papermaking machines are difficult to operate with a reduced workforce. For this reason, employees called for a 24-hour-long work stoppage.
Eurofound (2019), UPM, Internal restructuring in Finland, factsheet number 98560, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98560.
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