The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Paper And Paper Products 17.12 - Manufacture of paper and paperboard
550 jobs Number of planned job losses
Announcement Date
13 November 2014
Employment effect (start)
1 January 2015
Foreseen end date
31 December 2015
Description
Finland's UPM-Kymmene paper manufacturer has announced plans to cut 550 jobs in Europe. The group wants to reduce paper production at four plants in Europe due to declining demand as newspaper readers switch to digital devices. The Finnish company aims to save 150 milllion euros per year. It will reduce its production capacities by about 800,000 tonnes of publication paper. Paper consumption in Europe has decreased by about 20% since 2008. UPM-Kymmene will close paper production machines at four plants: in France (1), UK (2) and Finland (2).
Sources
13 November 2014: Reuters
13 November 2014: Les Echos
Citation
Eurofound (2014), UPM-Kymmene, Closure in European Union, factsheet number 77856, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77856.
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