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.
Steel manufacturer Ovako has initiated cooperation negotiations in Imatra with a plan to cut 70 jobs. The factory in Imatra currently employs 550 persons. All personnel groups are within the scope of the collective consultation process.
The chief union representative at the Imatra factory states that the company has had difficulties competing in the global steel market, but states that it might be wiser to hold on to skilled staff and weather the storm.
The negotiations are expected to be finished by the end of November, 2024. The company aims to have implemented the measures the end of May 2025.
Ovako is originally a Finnish company, but now has its headquarters in Stockholm, Sweden.
Update 2024-12-05
Ovako has concluded the cooperation negotiations, resulting in the dismissal of 30 staff. In total, the company is reducing 54 fulltime equivalents. This number includes 15 retiring employees. Reductions are conducted gradually until end of May, 2025.
Eurofound (2024), Ovako, Internal restructuring in Finland, factsheet number 201722, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201722.