STX Finland Re-structuring: Hundreds to Lose Jobs

MarineLink.com
Thursday, September 19, 2013
STX Rauma Shipyard: Photo credit STX Finland

As part of the restructuring of STX Finland, current operations at the Rauma Shipyard will be ramped down and functions shifted to the Turku Shipyard.

Like other European shipyards, the Finnish shipbuilding industry is suffering the effects of the recession in the global economy; an increase in surplus capacity and the financial crisis have all led to a cut in orders and stiffened competition. Consequently STX Finland say they have been been activelly seeking solutions in order to save the Finnish shipyard industry.

As part of the restructuring of STX Finland, current operations at the Rauma Shipyard will be ramped down and functions shifted to the Turku Shipyard. The volume of anticipated future work is not enough to sustain two shipyards at STX Finland. The Turku Shipyard is able to build all types of vessels. and the restructuring plan will not limit the company's offering or reduce for the volume of its operations.

"The decisions made now are based on a realistic estimate of the company's current state and the market outlook. They will halt the company's vicious circle of losses, now in its sixth year, and lay the foundation for a profitable business, "says Jari Anttila, EVP and Deputy CEO of STX Finland.

The restructuring, explain STX, will Involve the entire company and its personnel in both Turku and Rauma. As a result, the Turku and Rauma Shipyards will be reducing their work force by about 700 person-years by the end of June 2014. STX Finland is pursuing negotiations with personnel on how the restructuring is to be Implemented, what its impact will be on the various personnel groups, and what the time table will be.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Shipbuilding

Expansion Planned for Newport News Industrial

Huntington Ingalls Industries (HII) announced that its Newport News Industrial subsidiary will undergo a 52,000-square-foot expansion at its headquarters facility in Newport News.

BigLift Shipping Expands Heavy Lift Fleet

BigLift Shipping said it has ordered a third Happy S-type vessel. The new build vessel, to be named Happy Sun, will be identical to BigLift’s Happy Star and will

Austal Delivers Seventh EPF7 to US Navy

Austal Limited (Austal) informed that the U.S. Navy has accepted delivery of USNS Carson City (EPF 7) from Austal USA, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile,

Ship Repair & Conversion

Cathelco Supply BWT System for Cable Laying Vessel

Cathelco have supplied a ballast water treatment (BWT) system for the C.C. Pacifique, a steel barge which is being converted into a cable laying vessel for Coastal Carriers BV of the Netherlands.

Turkey to Modernize Pakistan’s Subs

The Turkish defense firm Defense Technologies and Engineering (STM) won the tender to modernize Pakistan's submarines against its French competitor DCNS, reports Daily Sabah.

Turkey Launches F-513 TCG Burgazada

Turkish Navy’s third Milgem class corvette, the F-513 TCG Burgazada, created as part of the MILGEM project, was launched with a ceremony attended by Turkish President

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2207 sec (5 req/sec)