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.
State-owned power company Statkraft is planning to cut around 200 jobs in Norway, as part of a global effort to reduce costs. Statkraft produces hydropower, wind power, gas-fired power and district heating and is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. Increasingly low electricity prices in the Nordic markets are cited as the main reason for the restructuring. Cuts will be made through voluntary measures as far as possible, but the management does not rule out dismissals at this point. Overall, the company has 3,800 employees in more than 20 countries, about half of whom are located in Norway. Statkraft is aiming to cut costs by €100 million by 2018, 40 percent of which is to be saved through staff cuts. This will likely entail cutting the staff by up to 10 percent. Statkraft reduced its staff by 84 employees in 2016, and is aiming to cut 200 to 240 employees, mainly in Norway, by 2018. In addition, the company will sell parts of its business in Brazil, which will affect around 300 employees.
Eurofound (2017), Statkraft, Internal restructuring in Norway, factsheet number 90357, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90357.