HELSINKI (AP) — Wartsila Corp., a leading maker of ship turbines, said Tuesday it would lay off 1,400 workers worldwide and cut production to save costs and increase competitiveness.
The Finnish company said it plans to slash 570 jobs at its propellor and components manufacturing units in Netherlands, where it employs more than 1,500 people. Other layoffs will be decided later.
Wartsila stock surged more than 13 percent to euro33.95 ($48.48) in late trading in Helsinki.
Wartsila, a leading supplier for builders and operators of vessels and offshore installations, also builds powerplants and provides power generation services.
Wartsila employs 19,000 people in some 70 countries.
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