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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
142 jobs Number of planned job losses
Announcement Date
29 January 2014
Employment effect (start)
1 May 2014
Foreseen end date
31 December 2014
Description
Wärtsilä, a manufacturer of engines for ships and power plants, has announced redundancies of up to 200 of its 3700 employees in Finland. The company has started negotiations with employee representatives on the proposed cuts. Altogether, the company plans to reduce 1000 employees globally.
Wärtsilä cites the need to improve its profitablity and competitiveness as the reason for the proposed cuts and it expects EUR 60 million in annual savings. Wärtsilä expects to attain the savings fully by the end of 2014. The company has operations in 3 cities in Finland, most in Vaasa.
A Wärtsilä union representative expressed shock over the company's announcement. He stated that the personnel was used to organisational changes and was aware of speculation to sell the company but was not expecting redundancies.
Updated, 19-03-2014: Wärtsilä has concluded negotiations and confirmed the loss of 142 jobs in Finland.
Sources
29 January 2014: YLE News
29 January 2014: Taloussanomat
29 January 2014: Wärtsilä press release
29 January 2014: Press release of labour union Pro
Citation
Eurofound (2014), Wärtsilä, Internal restructuring in Finland, factsheet number 76558, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76558.
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