Wärtsilä / To Cut 1,000 Jobs

Wärtsilä Oyj, the Finnish engine maker in the spotlight after Rolls-Royce discussed acquiring the company, said on Wednesday it plans to eliminate 1,000 jobs, or roughly 5% of its workforce, in response to intense competition and a slow-growth business environment.

The move, intended to save €60 million in annual costs, came as the company posted a 20% rise in net profit on 8% lower sales in the fourth quarter compared with a year ago, partly because of the euro’s strength against major currencies.

Chosen excerpts by Job Market Monitor. Read the whole story at Finland’s Wärtsilä To Cut Jobs, Rolls-Royce Talks Off – WSJ.com.