Pulp & Paper News

Stora Enso starts talks to permanently shut down 190,000 tonne/yr coated mechanical PM 1 at Veitsiluoto mill in Finland; up to 90 jobs to be affected



HELSINKI , Jan. 24, 2014 (Globe Newswire) - 

Stora Enso is starting co-determination negotiations with employees at Veitsiluoto Mill in Finland regarding a plan to shut down permanently paper machine (PM) 1 with annual capacity of 190 000 tonnes of coated magazine paper by the end of the first quarter of 2014 due to structural weakening of magazine paper demand in Europe. The planned closure would affect up to 90 employees.

Stora Enso will record a restructuring provision and a working capital write-down as a non-recurring item related to the planned closure with a negative impact of approximately EUR 8 million on operating profit in its first quarter 2014 results.

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