Neste completes its organizational change process to improve long-term competitiveness

Neste has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working. 

With the simplified organizational structure and operational model, Neste secures the execution of its growth strategy with improved cost-efficiency and strengthens its long-term competitiveness. The planned organizational changes were expected to lead to a reduction of approximately 400 job roles globally. In Finland, following thorough change consultations, the number of job roles to be reduced has been confirmed at about 320. In addition, it is estimated that 70 job roles will be reduced globally. Neste offers its employees support in adapting to the situation in different ways.

The restructuring is expected to result in total annual cost savings of approximately EUR 50 million. Neste communicated on its Capital Markets Day in June 2023 that it is targeting over MEUR 350 value creation with its Neste Excellence program by the end of 2026, compared to the year 2022 acting as the new base year. The organizational changes and a more streamlined development portfolio are concrete steps in the program.

About Neste

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.

As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2023, Neste’s revenue stood at EUR 22.9 billion. 

Source

Neste, press release, 2024-03-13.

Supplier

Neste Corporation

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