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
600 jobs Number of planned job losses
Announcement Date
17 July 2015
Employment effect (start)
17 July 2015
Foreseen end date
31 December 2016
Description
Finnish manufacturer of industrial engines, Wärtsilä, has announced plans to cut about 600 jobs from its ship engine division, which it has renamed Marine Solutions. The job losses will affect staff in all functions. 160 of the jobs affected will be in Finland. The company announced that a share of the losses will be carried out through retirement.
The cuts follow reports of a weaker-than-expected quarterly profit. The company linked them to weak demand from the marine industry following the economic crisis and to low oil prices. The job cuts are to generate annual savings of €40 million, which are expected to come into full effect by the end of 2016.
Wärtsilä Marine Solutions currently employs 7,217 people globally. The company has an overall workforce of 17,700, and operates in 70 countries.
Sources
17 July 2015: Reuters
17 July 2015: Wärtsilä press release
Citation
Eurofound (2015), Wärtsilä, Internal restructuring in World, factsheet number 84293, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84293.
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