UPM has completed employee consultation processes

Investor news 2.12.2020 9:00 EET

UPM has completed the employee consultation process started in October on its plans to improve efficiency in global functions. UPM increases efficiency of its global functions by reorganising and streamlining the functions’ operations in five countries. This will decrease the number of positions in the functions by 67, of which 46 in Finland.

UPM has also concluded the consultations regarding the reorganisation and restructuring at the Finnish pulp mills and UPM Forest that were announced in August. The consultations led to a reduction of 80 jobs in the Finnish pulp operations and 55 in UPM Forest.

UPM provides support for employees who are affected by the reductions. It includes outplacement services and training opportunities that support re-employment of the affected employees.

Earlier this year, UPM has announced other measures to decrease fixed and variable costs in different businesses and to ensure future competitiveness in a highly uncertain market environment. All measures combined are expected to result in annual cost savings of approximately 130 million euros.

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We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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