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 Finnish and Swedish company Stora Enso has announced that they will initiate cooperation negotiations, that will affect approximately 1,900 employees. A maximum of 262 employees are at risk of being made redundant. The negotiations are taking place at five of the mills in Finland: Imatra, Oulu, Anjalankoski, Varkaus, and Heinola. The internal restructuring is part of Stora Enso's program to increase its profits and its long-term role as a competitor in the market, which was announced by the company in February.
The negotiations are expected to be carried out during 6 weeks starting mid-April.
Stora Enso is one of the largest private forest owners in the world and is a provider of renewable products in packaging, biomaterials, and wooden construction. Their headquarters lies in Helsinki, and the company has approximately 22,000 employees worldwide.
Stora Enso has gone through several unit closures recently. In June 2023 the company announced the closure of its Sunila unit (Stora Enso 2023 - FI). During the same month, the negotiations of another closure ended, also resulting in redundancies (Stora Enso 2023 - FI).
Updated, 27/05/2024 At the Anjalankoski plant, reductions will ultimately concern a maximum of 15 employees. The remaining 7 will either retire or be offered new positions.
At the Varkaus plant, 26 employees ended up being made redundant and 12 positions were cut through natural attritions such as retirements and the suspension of planned recruitments.
Updated, 07/06/2024 Negotiations at the Heinola plant were concluded in early June and resulted in the reduction of a maximum of 34 jobs. The company however estimates that relocations within the company and natural attritions through retirements could decrease the number by at least 10. Reductions will occur mainly during 2024.
At the Oulu mill, 22 employees will be made redundant as a result of the negotiations. A total of 35 jobs will be cut, but some employees will be offered new positions at the company.
Updated, 10/06/2024 In Imatra, negotiations have resulted in layoffs of a maximum of 70 employees, but 12 of these might still be offered new positions within the company. Imatra will lose in total about 100 jobs, of which some are available job positions that have not been filled in the last year.
Eurofound (2024), Stora Enso, Internal restructuring in Finland, factsheet number 201040, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201040.