Swedish renewables firm Vattenfall has announced it will shed almost 1500 full-time positions across its European workforce.
As part of a £175million cost-saving programme, the company confirmed the jobs will go in an effort to “maintain competitiveness and increase room for new investments”.
Calling the move a “necessary measure” the renewables firm said approximately 600 jobs were likely to go in Sweden, 600 in Germany, 275 in the Netherlands and 25 in other countries where Vattenfall has operations, including the UK.
Magnus Hall, Vattenfall’s CEO, said: “It’s natural, and an important part of our strategy to constantly review our costs in order to be efficient and increase the room for new investments. The fact that we now show a positive financial result doesn’t mean that we can rest on our laurels. On the contrary, we need to constantly improve in order to continue to be profitable and to grow.
“Vattenfall is undergoing major changes. At the same time, climate change and a constantly changing energy landscape requires us to be able to adapt quickly to new circumstances and have modern solutions. This means that our organisation has to be efficient and competitive for the future.”
The majority of those who work in the staff functions are in Stockholm (Solna), Berlin, Hamburg and Amsterdam.
Vattenfall said that it would also be looking at new ways of working in future such as digitisation which “offers opportunities for newer and more modern ways of working”.
The firm confirmed that the staff reduction will be implemented by 2020.
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