Neste Oil to start statutory employer-employee negotiations aimed at
reducing 450 jobs in Finland
(Thomson Reuters ONE) - As part of efforts to respond to the company's recent drop in profitperformance, Neste Oil wants to achieve savings of over ?60 millionin its annual fixed costs. The plan is to secure around ?30 millionof this through personnel-related measures. To safeguard thecompany's future competitiveness Neste Oil believes it needs to adaptits cost structure to the changes that have taken place in the marketsituation and Neste Oil's organization, and ensure the successfulimplementation of the strategic investment program currently underway.As part of its cost-saving program, Neste Oil has decided to startstatutory employer-employee negotiations and a consultation processwith personnel on possible temporary layoffs and permanentredundancies. The talks will cover personnel employed by Neste Oiland its subsidiaries in Finland. Neste Oil anticipates that 450people will be affected. The company employs some 5,300 people, ofwhich around 4,000 are based in Finland. In the consultation processthe negotiators will try to find alternative solutions to makingNeste Oil employees redundant.Neste Oil has carried out a number of measures to save costs andimprove the efficiency of its operations since the fall of last year.These have included canceling or postponing some planned capitalprojects, enhancing purchasing practices, and reducing fixed costs.On 30 July 2009, Neste Oil published its second-quarter interimreport, which reflected significantly reduced profit performance.Neste Oil CorporationHanna MaulaDirector, Corporate CommunicationsFurther information:Matti Lievonen, President and CEO, tel. +358 10 458 11Hannele Jakosuo-Jansson, Senior Vice President, Human Resources, tel.+358 10 458 4688Osmo Kammonen, Senior Vice President, Communications, Marketing andPublic Affairs, tel. +358 50 458 4885Neste Oil in briefNeste Oil Corporation is a refining and marketing companyconcentrating on low-emission, high-quality traffic fuels. Thecompany's target is to be the world's leading supplier of renewablediesel. Neste Oil's refineries are located in Porvoo and Naantali andhave a combined crude oil refining capacity of approx. 260,000barrels a day. The company had net sales of EUR 15 billion in 2008and employs around 5,300 people. Neste Oil's share is listed on theNASDAQ OMX Helsinki. www.nesteoil.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.08.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 4343
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