Finnish power and propulsion giant Wärtsilä recently announced that it is to axe 550 jobs, the majority of which will be from within its Marine Solutions’ and Energy Solutions’ global operations departments in an attempt to keep the business segments afloat in the midst of tough market conditions.
After doing battle with weak market conditions, the company has no other option but to begin restructuring the organisation, operations and resources.
The marine market outlook continues to be challenging due to the combined effect of overcapacity of merchant ships, and a continued lack of demand in the offshore segment.
Through its streamlining efforts, Wärtsilä is seeking to amass annual savings in the region of EUR 50 million.
Although 270 of the jobs will be axed in Finland, Wärtsilä plans to concentrate more of the engine related R&D activities to the country with the aim of reducing development cycles.
Currently, Wärtsilä Marine Solutions employs 6,681 people globally and Wärtsilä Energy Solutions employs 958 people globally.
Wärtsilä Marine Solutions was formerly called the “Ship Power Division”.
Ship Efficiency Review News
To contact the reporter responsible for this article, please email editor@fathom-mi.com
