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Annual Report 2013

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Annual Report 2015

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Restructuring programmes

The measures related to the organisational adjustments in Marine Solutions announced in July 2015 have been implemented. The aim of the programme was to reduce 600 jobs globally in response to the sluggish global marine market situation.

In April 2016, Wärtsilä announced further measures to adapt the organisation to the weakened newbuild market situation and to the tough competitive environment in both the marine and energy markets. The organisational adjustments, which will mean the reduction of approximately 550 jobs and the concentration of engine related R&D activities to Finland, are progressing according to plan.

When fully implemented, these restructuring programmes are expected to result in annual savings of approximately EUR 90 million. Of these savings, approximately EUR 60 million are estimated to materialise by the end 2016 and the remainder by the end of 2017. At the end of September 2016, approximately EUR 37 million of savings had materialised, of which EUR 7 million were in 2015. The total non-recurring costs related to the restructuring programmes will be approximately EUR 75-80 million, of which EUR 19 million were recognised in 2015. In January-September 2016, restructuring costs amounted to EUR 29 million, of which EUR 17 million were non-cash write-downs.

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