uncategorized · 11/26/2014

Neste Oil's statutory employer-employee negotiations complete - company to let 203 employees go

Neste Oil Corporation                             
Stock Exchange Release                       
26 November 2014 at 9 a.m. (EET)

Neste Oil's statutory employer-employee negotiations complete - company to let 203 employees go

Neste Oil has completed the statutory employer-employee negotiations commenced on 7 October, 2014. The negotiations concerned the personnel of Neste Oil Corporation, Neste Renewable Fuels Oy, and Neste Shipping Oy.

As the result of the negotiations, Neste Oil's personnel will be reduced by 203 employees in Finland by the end of 2016. Of them, approximately 100 persons have opted to take voluntary retirement. Neste Oil will provide various forms of support to the remaining 97 persons concerned by the arrangements. At the beginning of the statutory negotiations, Neste Oil expected its labor requirements to reduce by 250 employees, primarily in Finland.

Most of the reductions in the Group's support functions will take place in 2014-2015. The reductions will be implemented in Oil Products during 2014-2016, as reductions in the operational functions of the Porvoo and Naantali refinery units will mainly be implemented in accordance with the turnaround and production change project schedules.

The measures decided on in the negotiations are due to considerable changes to ensure the company's competitiveness and secure future growth. Neste Oil announced on 7 October 2014 that a total of more than EUR 250 million will be invested in growth and optimizing production at the Porvoo and Naantali units and the operations of the Porvoo and Naantali refineries will be merged to achieve more efficient control and increased operational cost-efficiency. In addition, the company intends to close down some production units.

Neste Oil currently employs around 5,000 people, of whom some 3,500 are in Finland. The statutory employer-employee negotiations concerned 2,500 people. 

Neste Oil Corporation

Osmo Kammonen
SVP, Communications and Brand Marketing

Further information:

Matti Lehmus, Executive Vice President, Oil Products, tel. +358 10 458 4072
Hannele Jakosuo-Jansson, Senior Vice President, Human Resources and Safety, tel. +358 10 458 4688

Neste Oil in brief

Neste Oil Corporation is a refining and marketing company specializing in high-quality fuels for cleaner traffic. The company produces all of the most important oil products and is the world's leading supplier of diesels made of renewable raw materials. In 2013, the company's net sales stood at EUR 17.5 billion, and it employs some 5,000 people. Neste Oil shares are listed on the NASDAQ OMX Helsinki.

Neste Oil has been accepted into the Dow Jones Sustainability World Index. The company has also been on the Global 100 list of sustainable companies for several years in succession. CDP Forest has selected Neste Oil as one of the best companies taking care of their forest footprint in the oil and gas industry.