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Wärtsilä aligns its operations globally to enhance competitiveness
Wärtsilä aligns its operations globally to enhance competitiveness
29 januari 2014
Wärtsilä Corporation, Company announcement, 29 January 2014 at 8.25 am EET Wärtsilä has started a process to realign its organisation to secure future profitability and competitiveness. The Group-wide efficiency programme is expected to lead to a reduction of approximately 1,000 employees globally, of which about 200 are planned to be in Finland. The reductions will impact all businesses and support functions. With these actions Wärtsilä seeks annual savings of EUR 60 million. The effect of these savings is expected to materialise fully by the end of 2014. The non- recurring costs related to the restructuring measures will be EUR 50 million. Of these costs EUR 11 million was recognised in 2013, as certain measures were initiated at the end of the year. Despite some signs of improvement in market conditions, the business environment remains challenging. Vessel contracting activity is expected to remain at improved levels, but overcapacity and price pressure is still a concern. Uncertainties in the global economy have caused delays in power generation market activity. The service market development remains stable. The volatility in the market demand has increased and Wärtsilä is adapting its organisation to this reality. The synergies that were identified in the merger of the Ship Power and PowerTech organisations are also being implemented.  "In an environment of slow growth and intense competition, we must take steps to adjust our cost structure accordingly. Only by increasing the efficiency and flexibility of our organisation globally can we secure profitability and maintain competitiveness going forward. Unfortunately redundancies cannot be avoided," says Björn Rosengren, President & CEO. 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 2013, Wärtsilä had 18,663 employees in nearly 70 countries globally. For further information, please contact: Marco Wirén Executive Vice President & CFO Tel: +358 10 709 5640 marco.wiren@wartsila.com Mr Atte Palomäki Executive Vice President, Communications & Branding Tel. +358 10 709 5599 atte.palomaki@wartsila.com This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Wärtsilä Oyj Abp via GlobeNewswire [HUG#1757689]
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