UPM closes French newsprint mill, cuts 228 jobs

UPM-Kymmene has halted production at its newsprint mill in Grand-Couronne, France, cutting 228 jobs and lowering its annual newsprint production capacity by 240,000 tonnes, the Finnish forestry group said in a statement on Thursday.

July 16 (Reuters) - UPM-Kymmene UPM.HE has halted production at its newsprint mill in Grand-Couronne, France, cutting 228 jobs and lowering its annual newsprint production capacity by 240,000 tonnes, the Finnish forestry group said in a statement on Thursday.

UPM said the closure would mean around 30 million euros ($34 million) in annual savings but restructuring charges of 33 million euros in its April-June results.

($1 = 0.8765 euros)

(Reporting by Tarmo Virki in Tallinn; editing by Jason Neely)

((tarmo.virki@thomsonreuters.com; +372 564 4562 ;))

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