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.
Moventa Gears, manufacturer of industrial and wind turbine gears, has announced 65 redundancies from its staff in Finland. The company has plants in four locationa and has concluded negotiations on the cuts.
Moventas gears has approx. 570 employees in Finland and 960 globally. The announced redundancies focus on non-production personnel. The company cites long-term poor demand for its products as the reason for the lay-offs. It has not announced the geographic breakdown of the redundancies, which will include both dismissals, retirements and discontinued fixed-term positions. Moventas is also temporarily laying off some of its personnel.
Moventas was acquired by Clyde Blowers in 2011 and has restructured several times during the recent years, most recently in 2012 (see FS19917).
Eurofound (2014), Moventas Gears, Internal restructuring in Finland, factsheet number 76469, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76469.