SOURCE: Neste Oil Oyj

October 13, 2009 01:06 ET

Neste Oil completes its statutory employer-employee negotiations

ESPOO, FINLAND--(Marketwire - October 13, 2009) -


Neste Oil Corporation
Stock Exchange Release
13 October 2009 at 8 am (EET)

Neste Oil completes its statutory employer-employee negotiations

Neste Oil has completed the statutory employer-employee negotiations covering the Finnish-based personnel employed by Neste Oil and its subsidiaries. These negotiations began on 5 August 2009.

As a result of the negotiations, Neste Oil's personnel in Finland will be reduced by a total of 351. Of these, around 240 people will leave the company through voluntary retirement. Neste Oil will offer outplacement services to those 111 persons also affected. A number of temporary layoffs will take place at Neste Jacobs as well; the exact number of these has yet to be finalized. In addition, majority of temporary jobs will end as these contracts expire.

The reductions will be implemented immediately, beginning in October 2009. The last job losses related to these reductions will take place during 2010. Temporary layoffs will be made on a phased basis during 2009 and 2010.

The measures decided on are the result of Neste Oil's need to adapt its cost structure to the changes that have taken place in the market situation, its lower level of profitability, and the requirements of its new operating model. Personnel-related measures will save the company EUR 30 million in annual fixed costs.

When the negotiations were started, Neste Oil anticipated that 450 people would be affected. Neste Oil currently employs approximately 5,300 people, of which around 4,000 are based in Finland.


Neste Oil Corporation

Hanna Maula
Director, Corporate Communications

Matti Lievonen, President & CEO, tel. +358 (0)10 458 11

Hannele Jakosuo-Jansson, Senior Vice President, Human Resources, tel.
+358 (0)10 458 4688

Osmo Kammonen, Senior Vice President, Communications, Marketing and
Public Affairs, tel. +358 (0)50 458 4885

Neste Oil in brief

Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 15 billion in 2008 and employs around 5,300 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.

Neste Oil has been selected into the Dow Jones Sustainability World Index and awarded 'Best in Class' recognition for its social accountability by Storebrand. The company is also featured in the Ethibel Pioneer Investment Register and included in Innovest's Global 100 list of the world's most sustainable corporations. Further information: www.nesteoil.com.


This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



Copyright © Hugin AS 2009. All rights reserved.

Contact Information