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.
Construction Construction Of Buildings And Infrastructure Engineering Civil Engineering 42 - Civil engineering
600 jobs Number of planned job losses
Announcement Date
25 November 2008
Employment effect (start)
Foreseen end date
31 December 2009
Description
The development and construction company Skanska plans to reduce its workforce by 600 persons in Finland. The measures will affect some 150 persons of administrative staff as well as some 450 persons at project level. Negotiations with trade union organizations have been initiated and Skanska will provide supporting activities to those affected.
In Skanska’s Nine Month Report for 2008, the Group announced that several construction and residential development markets are weakening. A review of the current order backlog and anticipated order bookings has indicated a volume decline of about 15 percent in the Nordic region in 2009. The main reason is the extremely sharp decline in the residential markets, but a weakening of other building segments is also anticipated. The volume decline for Skanska in other geographic markets is expected to be significantly lower.
"I regret that this affects so many employees and their families. In the current situation, it is unfortunately necessary to adapt our organization and our costs to a lower business volume in the Nordic construction markets," says Skanska’s President and CEO Johan Karlström.
"At the same time, our review of all units within Skanska also shows that our geographic breadth and mix of operations contribute to alleviating the effect on the Group."
Skanska employs some 3,000 employers in Finland. The measures that have now been decided will be implemented during 2009.
Sources
25 November 2008: www.iltalehti.fi
Citation
Eurofound (2008), Skanska, Internal restructuring in Finland, factsheet number 67471, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67471.
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