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.
Manufacturing Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Other Non-Metallic Mineral Products 23.99 - Manufacture of other non-metallic mineral products n.e.c.
350 jobs Number of planned job losses
Announcement Date
4 August 2015
Employment effect (start)
Foreseen end date
Description
Stone wool insulation company, Paroc, is to shut down its factory in Lappeenranta, Finland.
Two years ago the company announced that the factory would be shut down at the end of 2016. But Paroc is now launching employer-employee negotiations in the whole company due to weak sales. The factory in Lappeenranta could be shut down earlier than was originally announced. Paroc is seeking dismissals and temporary lay-offs in all its factories, including those in Parainen and Oulu. The negotiations concern 350 persons in total. According to Paroc's CEO Kari Lehtinen, the company has too much capacity considering the existing levels of demand.
Sources
4 August 2015: Taulouselämä
Citation
Eurofound (2015), Paroc, Closure in Finland, factsheet number 84398, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84398.
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