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Stora Enso starts negotiations on possible furloughs

HELSINKI (From news reports) -- Forest products giant Stora Enso will start negotiations on possible furloughs of up to 1,300 employees in Finland, the firm said on Friday, Dec. 13.

The company said the decision was due to fluctuations in demand and market uncertainty.

The negotiations affect all workers at Stora Enso's packaging materials mills in Oulu, Varkaus, Heinola and Anjalankoski.

The possible furloughs would last up to 90 days and could be implemented in several segments, according to the company.

Negotiations are scheduled to start next week and expected to last two weeks. The firm has some 20,000 employees worldwide.

"Signs of a macroeconomic slowdown"

Last autumn, the company's CEO, Annica Bresky, suggested the economy was starting to affect the company's business.

"The first signs of a macroeconomic slowdown are visible, which may sooner or later have an impact on Stora Enso's business. However, I am confident in our ability to anticipate and adapt," Bresky said.

She made the comments in a Q3 financial report published in October.

Also that month, Stora Enso announced plans to spend around one billion euros to convert a closed paper machine at its Oulu mill into a cardboard production facility.

Last week, the company said had finalised the acquisition of Netherlands-based corrugated packaging manufacturer De Jong Packaging Group.

Stora Enso also said in December that it plans to sell its paperboard mill in Beihai, China. The sale would also include the forestry operations supplying the mill.

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