Metsä Board Oyj (METSB.HE,MSRB.F), a Finnish producer of fresh fibre paperboards, on Thursday announced that it will initiate change negotiations that could affect up to 315 employees, including 155 in Finland, and discontinue pre-engineering of certain investments as part of its 200 million euros cost savings and profitability improvement programme announced on July 31.
The change negotiations, covering slightly more than 2,000 employees, will begin in Finland no earlier than October 7.
The company said that the negotiations are based on production, financial and operational restructuring reasons, with the aim of adjusting costs, improving cash flow, enhancing operations, and supporting sustainable growth.
The company said that further details to be reported once the negotiations are concluded.
The board has also decided not to proceed with three major investment projects for the time being due to insufficient profitability in the current market.
It include the renewal of the drying machine at the Husum pulp mill, the barrier board development project at the Kyro board mill, and the BM2 board machine product change project at Husum in cooperation with the company's Tissue, which will not advance beyond pre-engineering work expected to finish by year-end.
Metsä Board Oyj is currently trading 2.21% higher at EUR 3.0460 on the Frankfurt Stock Exchange.
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