Finland's Wärtsilä plans to cut 700 jobs globally as the Finnish engineering group splits its ship technology business into three separate business units.
"Even though the timing is challenging, implementing the new organisation and modus operandi fast is important for Wartsila's future success," Vesa Riihimaki, head of Wärtsilä's Finnish operations said in a statement.
Wärtsilä said 220 of the 700 job cuts would happen in Finland.
($1 = 0.9229 euros)
(Reporting by Tarmo Virki, editing by Louise Heavens)