In Finland, Neste said it plans to simplify its organizational structure and its operational model to secure the execution of its growth strategy with improved cost-efficiency and to strengthen its long-term competitiveness.
The firm said its Renewable Aviation, Renewable Road Transportation and Renewable Polymers and Chemicals business units will be merged into one Renewable Products business unit covering all renewables businesses.
“We continue to execute our renewables growth strategy, while at the same time focusing on improving our efficiency. The planned simplified organizational structure and operating model will strengthen our long-term competitiveness. I am confident that with these planned changes we continue to create value for our customers and other stakeholders in a changing business environment,” said Neste’s President and CEO Matti Lehmus.
Neste is expecting the planned organizational changes to lead to a reduction of approximately 400 roles globally, predominantly in functions, in the renewables business and in development roles. It is estimated to result in total annual cost savings of approximately $53 million.
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