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 it will cut 400 employees worldwide, including 300-350 jobs in Finland. About another 50-100 jobs abroad Finland will be cut, but, so far, there is no information on which countries will be affected.
The redundancies are part of organisational changes aimed at boosting the company’s competitiveness in the renewable fuel sector. The programme is an attempt to reduce operating expenditures by € 50 million annually. The measure is to create more than € 350 million of value by the end of 2026, most of it in 2024.
The conditions of the programme will be negotiated with employee representatives according to local regulations.
Founded in 1948, Neste produces, refines and market soil products, provides engineering services, and licenses production technologies. Neste has operations in 14 countries, its production facilities are located in Finland, the Netherlands and Singapore. The company employs about 5200 people worldwide.
The restructuring event in Finland has been recorded in the ERM events database [Neste-2023-FIN] (https://apps.eurofound.europa.eu/restructuring-events/detail/200479)
Eurofound (2023), Neste, Internal restructuring in World, factsheet number 200569, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200569.