Sector News

Neste Oil to invest 500 million euros in Finland, cut 250 jobs

October 8, 2014
News

(Reuters) – Finland’s Neste Oil on Tuesday said it plans to invest about 500 million euros ($631 million) to boost and integrate production at its two refineries in Finland.

Neste said it would also shut down or outsource some operations, which it expects to lead to a reduction of about 250 jobs.

“Given the substantial overcapacity that exists in the oil refining sector in Europe, we need to look at a broad range of solutions for improving our competitiveness and securing the foundation of our future operations and growth,” Neste chief executive Matti Lievonen said in a statement.

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend