Finnish oil refiner and biofuel maker Neste has completed its change negotiations and as a result will reduce around 510 jobs.
Of these, 370 jobs will be in Finland, Neste said in a press release.
Neste announced in February that it would start the change negotiations. The company is aiming for annual savings of around 65 million euros.
Heikki Malinen, Neste's CEO, told Yle in February that the redundancies will be targeted at Finland, where most of the company's experts are based.
"Our current market environment is very challenging and financial performance is unsatisfactory. While decisions that affect our employees are difficult, we must take action on many fronts to improve our profitability and cost-competitiveness of our operations. We will support our employees in many different ways in this situation," Malinen said in a press release announcing the job cuts.
The Finnish state owns roughly 44 percent of Neste shares.
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