Stora Enso could temporarily lay-off more than 5,000 employees as it continues curtailments across its operations in Finland during the first half of 2009.
Co-determination negotiations have begun regarding the possibility of temporary lay-offs, with the length and location of the cuts to be determined as negotiations proceed.
The announcement comes as Stora Enso said production curtailments and wood inventory writedowns during the fourth quarter of 2008 adversely affected its operating profits during the three-month period.
The group is to take an €670m impairment charge during the last quarter due to the weaker outlook for many of its products. Sawnwood production was cut by 300,000m³, around 30%, during the period, coupled with a 15% reduction in paper and board production and 20% cut in pulp production.
