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.
The Austrian wood processing company HS Timber Productions is reducing production at its Romanian mills by 30%. 600 employees will be affected by the restructuring.
As of 30 March 2022, the company will close its solid wood panels factory in Siret (Suceava County). Furthermore, in the Radauti factory (Suceava County) lumber processing operations will be interrupted.
According to the company, there are several reasons for the restructuring including the difficult conditions in the timber market, the lack of rail infrastructure in the region and high bureaucratic costs. Furthermore, the company cites difficulties associated with the production of green energy and the sale of green certificates as a reason for the restructuring.
The company aims to reduce the social impact of the restructuring process by offering affected workers jobs at its other factories in Romania.
The company continues to operate two sawmills and a panel mill in two other locations. It currently has approximately 2,400 employees.
Eurofound (2022), HS Timber Productions, Internal restructuring in Romania, factsheet number 106174, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106174.