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.
Finnish shipbuilder STX Finland has announced plans to eliminate about 140-190 jobs from its Turku shipyard in south-western Finland.
STX Finland is a part of the multinational STX Europe group. Of the two affected yards, Rauma currently has about 1,000 workers completing orders. The Turku yard, having just completed the world's largest cruiseship, has been nearly shut down for lack of orders, and its staff has been temporarily laid off. The announced cuts would now turn some of the temporary lay-offs into permanent ones. Turku yard may re-open in autumn 2011, if a tentative deal with Viking Lines about a new passenger ship is finalized. Ships' maintenance services may also be affected by the lay-offs. The company operates a third shipyard in Helsinki.
Final decisions about the lay-offs will be made after mandatory negotiations between the company and employee representatives of each yard. These negotiations start on November 9 and by law have to take at least two weeks.
Updated 4-Jan-2011: STX Finland had previously announced redundancies of up to 350 workers from Turku and Rauma shipyards. The company has since decided, however, that lay-offs in Rauma will be temporary. The final number in Turku will depend on whether the company continues to have a furnishing unit or whether it will outsource this function.
Eurofound (2010), STX Finland, Internal restructuring in Finland, factsheet number 71139, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71139.