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.
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.
Eurofound (2014), Wärtsilä, Internal restructuring in Finland, factsheet number 76558, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76558.