13 October 2009 11:12 [Source: ICIS news]
LONDON (ICIS news)--Neste Oil is to cut jobs at the company by 351 and has plans to temporarily lay off more staff at its engineering arm Neste Jacobs, the Finnish advanced fuels company said on Tuesday.
The company added in a statement that 240 of the 351 employees would be taking voluntary retirement.
“The reductions will be implemented immediately, beginning in October 2009. The last losses related to these reductions will take place during 2010. Temporary layoffs will be made on a phased basis during 2009 and 2010,” it said.
Neste Oil said that the restructuring was necessary because of “changes in the market, its lower level of profitability, and the requirements of its new operating model."
Neste Oil currently employs approximately 5,300 people, of which 4,000 are based in ?xml:namespace>
To discuss issues facing the chemical industry visit ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections