EMCC European Monitoring Centre on Change

Ovako

Company/Organisation:
Ovako

Geographic Location

Country: Sweden
Region: Gävleborgs län; Norra Mellansverige
Location of affected unit(s): Hofors

Company

Sector: Manufacturing
Manufacture of basic metals and fabricated metal products, except machinery and equipment
24.52 - Casting of steel
Number Employed: 1200

Employment Effects

Announcement Date: 07-12-2012
Planned Job Reductions min: 134
Type of Restructuring: Internal restructuring

Additional Information

Ovako, manufacturer of engineering steel, is announcing reductions of 134 employees at the production site in Hofors. The reductions are part of a program to improve efficiency and reduce costs. In addition to the 134 jobs lost in Hofors, another 70 jobs will be lost in Sweden and Finland during the coming six months. All Ovako sites in the two countries will be affected.

Since 2010 Ovako is owned by private equity investor Triton. Triton has asked the Ovako management to preparing the company for a sale. Earlier employment adjustments by Ovako in Sweden are covered in fact sheets 14537, 12556, 5731, 224.

As of December 2012 there is no information about when the reductions will start taking effect, or when they will be implemented by.