“I want to thank all parties for an open and constructive consultation process. We have focused on finding best possible solutions for the employees affected. In addition to regulatory measures, UPM provides support for alternative routes to new careers. For example, through training, further education or entrepreneurship. In addition, we will support relocation to open positions in other UPM Plywood mill sites”, says Mika Sillanpää, EVP UPM Plywood.
The planned actions will strengthen UPM Plywood’s overall competitiveness and performance in the long run. UPM will recognise restructuring charges of approximately Euro 22 million as items affecting comparability in its Q2 2020 results. The planned actions would result in annual savings of approximately Euro 11 million.