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WÄRTSILÄ TO LAY OFF 1200 EMPLOYEES GLOBALLY

Friday, February 1, 2019 

Wärtsilä Corporation has initiated a process to realign its operations and resources to secure future profitability and competitiveness of the organisation. As part of the realignment strategy, the company anticipates a reduction of about 1.200 employees globally across all businesses and support functions.

In a press statement, Wärtsilä says the strategy will save €100 million. The savings are expected to materialise gradually during the second half of 2019, with full effect by the end of 2020. Costs related to the restructuring measures are expected to be €75 million.

“The business environment around us is changing with increasing speed. Trade tensions, geopolitical uncertainty, and market volatility are sources of concern. We have performed reasonably well in the prevailing market environment, thanks to our Smart Marine and Smart Energy strategies.

“Nevertheless, we must constantly strengthen ourselves to cope with current and future developments. To maintain our leading position in the market, and to stay strong, agile, and competitive, it is fundamentally important to continuously streamline our operations and align them to market requirements. This is a painful decision, but redundancies cannot unfortunately be avoided,” said Jaakko Eskola, President & CEO, pictured.

The planned reductions are subject to consultation processes, which will be initiated in the affected countries according to local practices and legislation. The company will provide support and consultation, as well as assistance in re-employment in the impacted countries.

At the end of 2018, Wärtsilä had approximately 19.300 employees in more than 80 countries around the world.

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