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14 October, 1999Due to the current market situation, the multinational conglomerate will reduce its payroll.
NORWAY: Kvaerner, the Anglo-Norwegian multinational conglomerate, confirmed on October 13 that it would layoff 1,500 employees in Norway, in its oil and gas sector. Another 1,500 workers will be made redundant in the UK. The announcement was made as the company presented its results for the first six months of 1999.
In Norway, 700 workers will lose their jobs before the end of this year, and 800 will receive notice in early 2000. It is believed that the layoffs will be divided more or less equally between blue- and white-collar workers. Management sees the reduction as a permanent adjustment to the current market situation, with the possibility even of more layoffs in the coming years.
As part of a radical restructuring plan, Kvaerner, one of the world's largest commercial ship manufacturers, announced last April that it was attempting to sell off its shipbuilding division, comprised of 13 shipyards in Europe, North America and Southeast Asia. Other group activities are in construction, engineering, pulp and paper, in some 100 countries.
In Norway, 700 workers will lose their jobs before the end of this year, and 800 will receive notice in early 2000. It is believed that the layoffs will be divided more or less equally between blue- and white-collar workers. Management sees the reduction as a permanent adjustment to the current market situation, with the possibility even of more layoffs in the coming years.
As part of a radical restructuring plan, Kvaerner, one of the world's largest commercial ship manufacturers, announced last April that it was attempting to sell off its shipbuilding division, comprised of 13 shipyards in Europe, North America and Southeast Asia. Other group activities are in construction, engineering, pulp and paper, in some 100 countries.