Helsinki, Finland, 08 February 2012 -- Stora Enso plans to increase further the efficiency and flexibility of its local maintenance operations in Sweden by restructuring and changing work processes.
The planned restructuring measures would reduce the workforce by approximately 130 employees in maintenance operations in Sweden. The planned restructuring would affect the Hylte, Skoghall, Skutskär, Fors, and Kvarnsveden mills. Altogether, approximately 800 personnel are employed in maintenance at the units concerned.
The restructuring measures would reduce annual costs by approximately EUR 21 million, starting gradually from late 2012 onwards. Stora Enso will record a cash provision of EUR 6 million in the Renewable Packaging segment and EUR 4 million in the Printing and Reading segment as a nonrecurring item in the first quarter of 2012 results.
“To safeguard our competitiveness, we need to stay on the path of improvements in costs and productivity, and also flexibility. We are therefore planning to increase the efficiency of our local maintenance operations,” said Mats Nordlander, executive vice president, Renewable Packaging, and country manager, Sweden.
All decisions will be taken only after the local co-determination negotiations have been concluded. Stora Enso would make every effort in co-operation with local communities to help the affected personnel find new employment opportunities, and all job openings in other Stora Enso units would be available to those affected.
Stora Enso produces biomaterials, paper, packaging, and wood products. The company offers customers innovative solutions based on renewable materials. Stora Enso employs some 30,000 people worldwide, and sales in 2010 amounted to EUR 10.3 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the United States as ADRs (SEOAY) in the International OTCQX over-the-counter market.