EMCC European Monitoring Centre on Change

Wärtsilä

Company/Organisation:
Wärtsilä

Geographic Location

Country: World
Location of affected unit(s): Finland, World

Company

Sector: Manufacturing
Manufacture of machinery and equipment n.e.c.
28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
Number Employed: 17700

Employment Effects

Announcement Date: 17-07-2015
Planned Job Reductions min: 600
Type of Restructuring: Internal restructuring
Employment Effect Start: 17-07-2015
Foreseen End Date: 31-12-2016

Additional Information

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.