CVC Capital Partners and Nordic Capital buyout of LEAF: Killing the milkcow
Six months after CVC Capital Partners and Nordic Capital bought the LEAF confectionary company in Finland for €850 million, the productive and highly profitable facrtory in Turku was closed in March 2005.
LEAF: Killing the milkcow
by Henri Lindholm, Secretary, Finnish Foodworkers Union (SEL)
The workforce at the plant were used to bad news. Although the LEAF factory had been part of the fabric of the industrial landscape in Turku for some one hundred years, recent times had brought layoffs and reductions in staffing. The warehouse and logistics department had been outsourced a couple of years earlier, and long serving employees were forced to take part time jobs or face termination of employment. Nothing, however, could prepare the employees for what was to be announced on May 25, 2005.
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