Finland's Neste said on Wednesday it plans to save 50 million euros ($53 million) annually through measures it expects will include shedding 400 jobs globally.

The refiner and biofuels producer said it would merge its Renewable Aviation, Renewable Road Transportation and Renewable Polymers and Chemicals divisions into one, and streamline its development portfolio.

"The planned simplified organisational structure and operating model will strengthen our long-term competitiveness," CEO Matti Lehmus said in a statement.

Neste also plans to streamline its development portfolio to realise additional savings, it said, adding that the majority of these savings would be made during 2024.

The company said the restructuring represented concrete steps as part of a plan presented in June to create more than 350 million euro in "additional value" by the end of 2026 compared to 2022. (Reporting by Louise Breusch Rasmussen, editing by Anna Ringstrom)