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 Manufacture of coke and refined petroleum products 19.20 - Manufacture of refined petroleum products and fossil fuel products
600 jobs Number of planned job losses
Announcement Date
13 February 2025
Employment effect (start)
13 February 2025
Foreseen end date
Description
The Finnish oil refining company Neste has announced that it will cut 600 employees worldwide, including 450 jobs in Finland Neste 2025-FI.
The negotiations concern the Petroleum Products and Renewable Products business areas and all joint operations. The cooperation negotiations primarily target white-collar employees, rather than employees in production.
According to Neste, the operations are affected by a competitive market and low market prices for their products. Further, state regulation in Finland related to the required share of renewables in fuels has changed back and forth, resulting in insecurity for the producers. The change of governance in the United States, which is a significant market for Neste, also causes disruptions. The Finnish state holds the majority of shares in Neste.
Founded in 1948, Neste produces, refines and markets 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 4,000 people worldwide. The restructuring events of Neste were recorded in the ERM events database: Neste 2023-FINeste 2023-WO
Eurofound (2025), Neste, Internal restructuring in World, factsheet number 202452, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202452.
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