Refiner and biofuels producer Neste plans to cut approximately 400 jobs, most of them in Finland. The redundancies are part of an organisational reshuffle aimed at boosting the firm’s competitiveness in the renewable fuel sector, where it has in the past been a pioneer.
While the staff reduction plans remain imprecise, about 300-350 of the job losses will be in Finland, Neste CEO Matti Lehmus told the daily Helsingin Sanomat on Wednesday.
Neste has operations in 14 countries, with refineries in Finland, the Netherlands and Singapore. Last year it had an average of about 5,200 employees, with around 4,000 of them in Finland.
The company hopes to save 50 million euros annually through its revamp.
Neste, an early investor in renewable fuels from waste and residue, has grown rapidly in recent years as industries and transport operators seek greener alternatives for fuels to cut their emissions.
The firm will merge three divisions into one and streamline its development portfolio.
Lehmus said the measures were essential to safeguard Neste's growth and competitiveness.
"When we look at our operational environment, markets grow but at the same time also competition is anticipated to increase," he told Reuters, adding his goal was to complete the measures by next spring.
He stressed that Neste's strategy focusing on renewables and circular solutions would remain unchanged.
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