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.
Finnish refining company Neste has announced its co-operation negotiations have ended and as a result, refining operations in Naantali, southern Finland, will be closed down and 370 employees will lose their jobs.
According to the company, restructuring is needed as demand for fossil petroleum products has declined, also in response to the COVID-19 pandemic. The planned savings amount to €50 million per year. The company intends to focus on the Porvoo refinery and develop the processing of renewable energy and recycled raw materials, while the site of Naantali will continue only port operations.
Neste plans to offer training for the dismissed employees, attempting to reallocate them to new positions in the company. Targeted support packages and pension agreements will also be available for the dismissed employees.
Neste is partly owned by the Finnish Government, which, at the beginning of negotiations, announced its commitment to provide support to the city of Naantali in case of massive dismissals.
Neste is a Finnish company engaged in the refining of petroleum and petroleum products. They operate internationally and employ approximately 4,500 people.
Eurofound (2020), Neste, Internal restructuring in Finland, factsheet number 102717, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102717.