Helsinki: Finnish propulsion giant Wärtsilä has announced a reorganisation of its Ship Power business, renamed today to Marine Solutions, that will see the loss of 600 jobs.
The company, looking to save around €40m ($43.5m) annually, said it plans to realign its organisation, operations and resources due to what it described as a “sluggish” market.
Jaakko Eskola, president of Marine Solutions, commented: “These unfortunate capacity adjustments have to be made in this current environment of low demand in order for us to maintain our competitive position in the global market. Despite streamlining the organisation, our commitment to our customers remains absolutely solid.”
Of the 600 jobs to go globally, 160 will be in Finland, with some being realised through retirements.