Neste has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one renewable products business unit as well as restructure its functions to better support business-driven ways of working.
With the simplified organizational structure and operational model, Neste secures the execution of its growth strategy with improved cost-efficiency and strengthens its long-term competitiveness. The restructuring is expected to result in total annual cost savings of approximately ₹50 million.
As per the press release, Neste communicated on its Capital Markets Day in June 2023 that it is targeting over MEUR 350 value creation with its Neste Excellence program by the end of 2026, compared to the year 2022 acting as the new base year. The organizational changes and a more streamlined development portfolio are concrete steps in the program.
