Finnish forestry firm UPM has announced the beginning of restructuring talks that are expected to lead to furloughs in Finland.
In a statement, UPM said that the negotiations will affect over 2,200 employees at all of the company's pulp mills, sawmills, and graphic paper mills in Finland, as well as the firm's biorefinery in the eastern city of Lappeenranta.
"The negotiations are conducted to prepare for possible temporary adjustment of production in the Finnish units should the uncertainty in the operating environment continue," the statement said.
If the talks lead to temporary staff layoffs, UPM said would happen next year in phases of a maximum of 90 days.
The company had recently reported a difficult third quarter of 2023, revealing a 72 percent drop in its comparable operating profit.
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