Stora Enso cuts 2 500 jobs
Stora Enso concludes second phase of planning EUR 200 million streamlining and structure simplification programme announced on 23 April – estimated personnel reduction approximately 2 500.
In addition, approximately 250 positions would be reduced outside Europe. Cost-efficiency and rightsizing actions were being planned by each business area, group service and function and all plans were subject to co-determination negotiations at local levels.
According to Stora Enso, the programme is intended to achieve annual fixed cost savings of € 200m and will help the company to focus its different businesses, simplify its operations and enable a stronger focus on growth in value creating businesses.
"It will take place from headquarters down to all units. It is very sad news, but it is necessary," Sweden head Mats Nordlander told the TT news agency.
"We have to find better and smarter ways to work", added Nordlander.
Stora Enso earlier this year announced it would shut down the Swedish factory sites Hylte Bruk and Kvarnsveden.
"We have to react to the weak European economy, structurally shrinking markets in some of our areas, and our low profitability," CEO Jouko Karvinen said.