Arab Today, arab today finlands wartsila to slash 550 jobs globally due to poor profitability
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Finland's Wartsila to slash 550 jobs globally due to poor profitability

Arab Today, arab today

Arab Today, arab today Finland's Wartsila to slash 550 jobs globally due to poor profitability

Finnish power and marine technology company Wartsila
Helsinki - XINHUA

Finnish power and marine technology company Wartsila announced on Thursday it plans to cut 550 jobs globally, half of which will be in Finland.

The move will mainly affect its employees working in its business units of Marine Solutions and Energy Solutions, said the company.

The company said the layoffs will help the company save 50 million euros(56.46 million U.S. dollars) annually.

The direct cause of the redundancy is the poor profitability in the first quarter this year.

On Thursday, Wartsila published its interim report for the first quarter of 2016. The group's turnover declined by 2 percent to 967 million euros compared with the same period of 2015, and its operating profits dropped rapidly by 16 percent to 84 million euros.

Wartsila attributed its poor profitability to weak market demand and global competition.

Currently, Wartsila's Marine Solutions employs 6,681 people and Energy Solutions has 958 employees globally.

Founded in 1834 and headquartered in Helsinki, Wartsila operates in about 70 countries and hires approximately 18,800 workers around the world.

In July 2015, the company announced it would cut 600 jobs worldwide, of which 160 in Finland, as a result of the restructuring of its Ship Power business (renamed as Marine Solutions) in response to the sluggish global market. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today finlands wartsila to slash 550 jobs globally due to poor profitability Arab Today, arab today finlands wartsila to slash 550 jobs globally due to poor profitability

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today finlands wartsila to slash 550 jobs globally due to poor profitability Arab Today, arab today finlands wartsila to slash 550 jobs globally due to poor profitability

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday