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 materialised by the end 2016, of which EUR 7 million were in 2015. The remainder is estimated to materialise by the end of 2017. 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-December 2016, restructuring costs amounted to EUR 48 million.
Wärtsilä’s aim is to continuously pursue more cost efficient ways of operating and align its operation to market conditions. In this context, local actions in the Marine Solutions business are expected to result in additional savings of approximately EUR 45 million. The savings will start to materialise during 2017, and will take full effect by the end of 2018. The related non-recurring costs are estimated to be approximately EUR 35 million, of which the majority is expected to be recognised in 2017.