Reduced demand on marine market led to the restructuring of the company Wärtsilä
Publishedо 23 July, 2015
Imbalances in the global economy against the backdrop of the economic crisis led to a sharp decline of demand for the marine market. The number of new contracts in the shipbuilding industry remains low, and the extension of existing contracts is tabled with serious risks of refusal to supply.
The decline in demand for equipment and marine engines, as well as lower prices for oil and gas production have created the need for optimization of large industrial companies such as the Finnish company Wärtsilä. The reorganization of business units has already begun and, according to preliminary estimates, will result in the dismissal of about 600 employees, 160 of which will be reduced by Finnish enterprises, and the rest - in foreign subdivisions, staff size of which is more than 7 000 people.
According to the management of the corporation, the reduction of staff size will help to release up to 40 million euros per year, which will cover the costs of restructuring and help the company maintain its position in the global market.
Source - information site PortNews
