UPM-Kymmene is cutting 202 jobs, mostly in Finland, following the conclusion of statutory negotiations with its employees announced in August and October, the Finnish forestry group said on Wednesday.
At the end of October, UPM said its quarterly profit had fallen more than a third due to weak paper and pulp markets and that it saw pandemic-related uncertainty continuing into 2021.
The number of positions in its global functions will decrease by 67, of which 46 are in Finland, while the group said it had already cut 80 jobs in its Finnish pulp operations and 55 in UPM Forest.
Thursday’s announcement came on top of vast job cuts earlier this year, including the closures of its Kaipola paper mill in Finland and a newsprint mill in Grand-Couronne, France, as well as the sale of its Shotton paper mill in Wales.
“All measures combined are expected to result in annual cost savings of approximately 130 million euros ($157 million),” UPM said.