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 construction company Lemminkäinen has announced that it will cut 250 jobs in Finland. The job cuts will affect all staff except those working in the Technical Building Services business segment.
These job cuts are part of Lemminkäinen’s 'Deliver 2014' programme designed to improve competitiveness and cut fixed costs. In total, 500 jobs will be cut in Lemminkäinen world-wide. According to the sources, in 2013 the company was issued €60 million in fines due to its involvement in an asphalt cartel which has impacted its financial outlook.
The company will begin negotiations with employee representatives in Finland on 5 May 2014. The ERM has reported on previous restructuring events at Lemminkäinen in 2011 and 2013.
Updated 13/06/2014: After concluding negotiations, Lemminkäinen will reduce staff by 265 employees in Finland. The reductions will be made by October 2014. According to the sources, the exact locations of the redundancies in Finland won’t be announced until Autumn. Some of the redundancies will be made through voluntary redundancies and early retirement.
Eurofound (2014), Lemminkäinen, Internal restructuring in Finland, factsheet number 76911, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76911.