STX Finland Completes Restructuring Efforts

STX Finland, which has been actively seeking solutions for “saving the Finnish shipyard industry,” has announced it has completed negotiations for restructuring its yard facilities. The company said it launched a major restructuring effort in September aimed at safeguarding the operating potential of the company and, by extension, the entire maritime industry in Finland, thus ending the years of uncertainty.

As part of the STX Finland Oy restructuring, negotiations concerning the Rauma and Turku Shipyards have been conducted between personnel groups and management and were completed on Oct. 29.

In accordance with the company’s earlier announcement, the current operations at the Rauma Shipyard will be closed down and functions shifted to the Turku Shipyard. By the end of June 2014, a total of approximately 670 jobs will be terminated: 620 at Rauma and 50 at Turku. In addition a total of approximately 80 people will transfer from Rauma to Turku. After workforce reductions, the total number of employees at STX Finland will be 1,655. The Turku Shipyard will have a total of 1,365 employees, of which 870 are blue-collar workers and 495 white-collar.

“In collaboration with national and regional employment authorities, the company will be offering concrete support and employment measures for employees who will be laid off as a result of the restructuring”, says Jari Anttila, deputy CEO of STX Finland.

STX Finland has been exploring employment opportunities in its other units in Finland and discussed the personnel needs of other maritime companies with its local partners. Employment authorities have set up a new branch office in the City of Rauma, providing information about how to apply for unemployment benefits and supporting re-employment by various means. The personnel will be offered information, for example, on job-seeking, retraining, entrepreneurship, pension plan opportunities, and other social services and benefits. The representatives of the employer and personnel groups will continue their close cooperation to increase support measures for the personnel.

Both the Rauma and Turku Shipyards have been underutilized and the company’s financial performance has been negative. The decisions now taken will adapt the company capacity to the expected volume of demand. The Turku Shipyard is able to build all types of vessels, including ships requiring special arctic expertise, such as icebreakers. The restructuring will not limit the company’s offering or reduce the volume of its operations.

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