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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
244 jobs Number of planned job losses
Announcement Date
15 May 2014
Employment effect (start)
Foreseen end date
Description
Finnish insurance group Local Tapiola (LähiTapiola) has announced that it will cut 244 jobs.
Initially, Local Tapiola had planned a job reduction of 400 however this was reduced after negotiations with employee representatives. The job reduction is part of a cost saving plan and the company hopes it will make the business more efficient. Local Tapiola plans to reduce costs by €20 million through this measure. According to the press release, the company will support workers who are made redundant to find alternative employment.
Last year, Tapiola and Local Insurance merged into one company and rebranded as Local Tapiola. The ERM has reported on previous restructuring events at Tapiola in 2011.
Sources
15 May 2014: HBL.fi
15 May 2014: LähiTapiola (press release)
Citation
Eurofound (2014), LocalTapiola, Internal restructuring in Finland, factsheet number 77061, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77061.
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