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.
On July 1, Swedish forestry company Södra announced the closure of the Södra Cell cellulose factory at Tofte. All of the 295 employees at the factory will be dismissed. The company decided to put the factory up for sale in February 2013, after a period of declining revenue and temporary layoffs.
Local authorities and employers' associations long expressed faith in continued production at the facility, especially after a government growth package for the forestry industry and possible involvement from state-owned forestry company Statskog. After a lengthy sales process and negotiations involving multiple possible buyers, Södra nevertheless failed to find a buyer with a satisfactory offer. A controlled closing of the factory is being initiated, and production will be ceased by August 24.
Eurofound (2013), Södra Cell Tofte, Closure in Norway, factsheet number 75612, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75612.