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.
Manufacturing Manufacture Of Coke And Refined Petroleum Products Manufacture Of Coke And Refined Petroleum Products 19.2 - Manufacture Of Refined Petroleum Products
320 jobs Number of planned job losses
Announcement Date
1 November 2023
Employment effect (start)
13 December 2023
Foreseen end date
30 June 2024
Description
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.
Sources
1 November 2023: Neste aloittaa 50 miljoonan euron säästöohjelman – Suomessa vaarassa jopa 350 työtehtävää (www.hs.fi)
13 March 2024: Över 300 Nesteanställda i Finland får gå (svenska.yle.fi)
Citation
Eurofound (2023), Neste, Internal restructuring in Finland, factsheet number 200479, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200479.
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