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.
Neste Shipping, a subsidiary of Finnish oil company Neste Oil, has announced redundancies of up to 130 employees. The company is starting negotiations with employee representatives on the proposed cuts.
Neste Shipping operates 24 vessels. It notes that low freight prices and increasing costs with no improved market situation in sight, have created a need to save 15 million Euros annually. Negotiations affect all 450 sea and land personnel.
Updated, 26-03-2013: Neste Shipping has concluded negotiations and announced 124 redundancies. Twenty-four employees will be dismissed and the remaining cuts will take place through retirement and elimination of temporary positions.
Eurofound (2013), Neste Shipping, Internal restructuring in Finland, factsheet number 74835, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74835.