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 Corporation, which is involved in marine and energy markets, has announced a worldwide reorganisation 'to realign its operations and resources to secure future profitability and competitiveness'. The reorganisation leads to a reduction of approximately 1,200 employees worldwide, on a total workforce of about 19,300 employees in more than 80 countries around the world. 'The reductions will impact all businesses and support functions', explains the group. With its reorganisation, Wärtsilä seeks annual savings of €100 million. 'Savings are expected to materialise gradually during the second half of 2019, with full effect by the end of 2020', according to the group.
The planned reductions are subject to consultation processes, which will be initiated in the affected countries according to local practices and legislation. There is no detail about the countries affected, except for Finland, where Wärtsilä has started negotiations with trade unions for 150 job cuts, with most of them expected in Vaasa, where the company is one of the city’s largest employers with 3,000 employees. 'The company will provide support and consultation, as well as assistance in re-employment in the impacted countries', said the press release. Two previous worldwide reorganisations were recorded on the ERM database in 2003 (400 job cuts) and in 2015 (600 job cuts).
Eurofound (2019), Wärtsilä, Internal restructuring in World, factsheet number 96603, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96603.
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