Neste said Wednesday it has completed the reorganization of its renewable products business, merging three units into one and cutting some 400 jobs across its global workforce.

The Finnish renewable fuels and feedstock producer said in a news release that the restructuring is expected to result in annual cost savings of approximately €50 million ($55 million) and will strengthen the company's long-term competitiveness.

The restructuring was first announced on Nov. 1 last year. About 320 of the job cuts will be in Finland, Neste said.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Rob Sheridan, rsheridan@opisnet.com; Editing by Jaime Llinares Taboada, jllinares@opisnet.com

(END) Dow Jones Newswires

03-13-24 0743ET