The state-run petroleum company Neste will reduce about 400 employees across the globe as a move to save 50 million euros annually, said the company in a press release on Wednesday.
Most of the employees will be cut from Finland and the number is more than 300, local media reported, quoting the authority.
The company also planned to streamline its development portfolio to realize additional savings. The majority of these savings would be realized during 2024.
As the planning progresses, Neste will engage and work closely with its employees and employee representatives to ensure that they are fully informed and consulted about the proposals.
“As the change process will affect our people it has not been an easy decision to make, but it is necessary. We will offer support to our employees who are affected by this process,” said Neste’s President and CEO Matti Lehmus.
The company also decided to merge Renewable Aviation, Renewable Road Transportation and Renewable Polymers and Chemicals business units into one Renewable Products business unit covering all renewables businesses.