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.
The Finnish oil refining company Neste has announced that they will lay off 400 employees worldwide in an attempt to reduce operating expenditures by € 50 million. Of these, 300-350 layoffs are expected to occur in Finland. Neste currently employs around 5,000 people worldwide, with 4,000 of them working in Finland.
According to Neste, the reforms aim to simplify the company's organisational structure and operating model, and are part of an initiative to create more than € 350 million of value by the end of 2026.
Cooperation negotiations have started between Neste, the trade unions and the affected workers, and are expected to be complete by mid-December 2023.
Update: 13/03/2024
As of March 13th 2024, the cooperation negotiations at Neste are done. Neste has now confirmed that there will be 320 dismissals in Finalnd.
Eurofound (2023), Neste, Internal restructuring in Finland, factsheet number 200479, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200479.