Wartsila to Eliminate 600 Ship-Engine Jobs to Save $44 MillionAidan Gregory
Wartsila Oyj, the Finnish ship-engine builder, plans to fire 600 employees from its marine unit as part of a revamp to offset a slowdown in tanker construction.
The company will be looking to generate about 40 million euros ($44 million) in annual savings at the newly renamed Marine Solutions division, it said in a statement Friday. The savings will come into full effect by the end of 2016.
“These unfortunate capacity adjustments have to be made in this current environment of low demand in order for us to maintain our competitive position in the global market,” said Jaakko Eskola, the senior vice president who oversees the marine business.
In 2014, Wartsila’s global net sales amounted to 4.8 billion euros. The stock rose 0.7 percent to 42.07 euros as of 3:07 p.m. in Helsinki.