Neste Oil completes its statutory employer-employee negotiations
(Thomson Reuters ONE) - Neste Oil CorporationStock Exchange Release13 October 2009 at 8 am (EET)Neste Oil completes its statutory employer-employee negotiationsNeste Oil has completed the statutory employer-employee negotiationscovering the Finnish-based personnel employed by Neste Oil and itssubsidiaries. These negotiations began on 5 August 2009.As a result of the negotiations, Neste Oil's personnel in Finlandwill be reduced by a total of 351. Of these, around 240 people willleave the company through voluntary retirement. Neste Oil will offeroutplacement services to those 111 persons also affected. A number oftemporary layoffs will take place at Neste Jacobs as well; the exactnumber of these has yet to be finalized. In addition, majority oftemporary jobs will end as these contracts expire.The reductions will be implemented immediately, beginning in October2009. The last job losses related to these reductions will take placeduring 2010. Temporary layoffs will be made on a phased basis during2009 and 2010.The measures decided on are the result of Neste Oil's need to adaptits cost structure to the changes that have taken place in the marketsituation, its lower level of profitability, and the requirements ofits new operating model. Personnel-related measures will save thecompany EUR 30 million in annual fixed costs.When the negotiations were started, Neste Oil anticipated that 450people would be affected. Neste Oil currently employs approximately5,300 people, of which around 4,000 are based in Finland.Neste Oil CorporationHanna MaulaDirector, Corporate CommunicationsMatti Lievonen, President & CEO, tel. +358 (0)10 458 11Hannele Jakosuo-Jansson, Senior Vice President, Human Resources, tel.+358 (0)10 458 4688Osmo Kammonen, Senior Vice President, Communications, Marketing andPublic Affairs, tel. +358 (0)50 458 4885Neste Oil in briefNeste Oil Corporation is a refining and marketing companyconcentrating on low-emission, high-quality traffic fuels. Thecompany is the world's leading supplier of renewable diesel. NesteOil's refineries are located in Porvoo and Naantali and have acombined crude oil refining capacity of approx. 260,000 barrels aday. The company had net sales of EUR 15 billion in 2008 and employsaround 5,300 people. Neste Oil's share is listed on the NASDAQ OMXHelsinki.Neste Oil has been selected into the Dow Jones Sustainability WorldIndex and awarded 'Best in Class' recognition for its socialaccountability by Storebrand. The company is also featured in theEthibel Pioneer Investment Register and included in Innovest's Global100 list of the world's most sustainable corporations. Furtherinformation: www.nesteoil.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.10.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 6823
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