UPM closes French newsprint mill, cuts 228 jobs

Contributor
Tarmo Virki Reuters
Published

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 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More