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.
Sandvik has announced its plan to cut 429 jobs due to the effects of the COVID-19 pandemic. Up to 349 of them are located in Sandviken, while 80 employees are in Hallstahammar and Surahammar.
The workers going to be dismissed operates in the Materials Technology department of the company. The internal restructuring will address both white-collar and blue-collar employees.
The company argues that restructuring is needed in order to adapt to the uncertain market and to the lower production volumes. Sandvik expects the COVID-19 pandemic to have long-term effects on the market. The planned dismissals are part of a savings program the company launched in March 2020. The estimated savings amount to approximately SEK 1 billion by 2021 (approximately €95 million).
Sandvik is an engineering company, employing a workforce of about 40,000 people and selling products and services in more than 160 countries.
Eurofound (2020), Sandvik, Internal restructuring in Sweden, factsheet number 100922, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100922.