Finland’s Wärtsilä Corporation has announced it’s cutting 1200 jobs at its operations around the world, with 150 job losses coming to Finland.
The company is trying to save €100m per year by the end of 2020, in an effort to “enhance competitiveness”.
“This is a painful decision, but redundancies cannot unfortunately be avoided” says Wärtsilä’s CEO Jaakko Eskola in a statement.
“The business environment around us is changing with increasing speed. Trade tensions, geopolitical uncertainty, and market volatility are sources of concern” he explains.
Wärtsilä, which is involved in marine and energy markets, will now start negotiations with trade unions in Finland to make the 150 job cuts, with most of them expected in Vaasa, where the company is one of the city’s largest employers.
“For the time being we have been very specific about not commenting on the different locations in Finland” says Executive Vice President for Communications and Branding Atte Palomäki
“We employ more than 3000 people in Vaasa, 416 in Helsinki, 400 in Turku. When you look at the overall figures, one can make an assessment, but at this point of time officially as a company we are only initiating the process” he tells News Now Finland.
The company was founded in 1834 in Finland, and operates in more than 80 countries around the world, with its headquarters in Helsinki.