UPM Plans To Close Two Units In Germany
May 29 (Reuters) -UPM-Kymmene Oyj UPM.HE:
PLANS TO REDUCE GRAPHIC PAPER CAPACITY IN GERMANY TO ALIGN WITH CUSTOMER DEMAND AND ENSURE COMPETITIVENESS
IF REALIZED, MEASURES WOULD RESULT IN ANNUAL REDUCTIONS OF 330,000 TONNES OF NEWSPRINT PAPER CAPACITY AND 280,000 TONNES OF UNCOATED FINE PAPER CAPACITY
TO SHUT DOWN ONE FINE PAPER MACHINE AT NORDLAND PAPIER (PM 3) IN DÖRPEN, BOTH ASSETS LOCATED IN GERMANY
NUMBER OF POSITIONS AFFECTED IS ESTIMATED APPROXIMATELY AT 135 IN HÜRTH AND 210 IN DÖRPEN
GRAPHIC PAPER DEMAND HAS CONTINUED TO DECLINE
PRODUCTION ON REMAINING PAPER MACHINES AT NORDLAND PAPIER WILL CONTINUE AS BEFORE
DURABLE RECOVERY IS NOT EXPECTED, RESULTING IN SIGNIFICANT OVERCAPACITY IN MARKET
WOULD RECOGNIZE RESTRUCTURING CHARGES OF EUR 113 MILLION (EUR 68 MILLION CASH IMPACT AND AN IMPAIRMENT OF EUR 45 MILLION) AS ITEMS AFFECTING COMPARABILITY IN ITS Q2 2024 RESULT
PLANNED ACTIONS ARE ESTIMATED TO RESULT IN ANNUAL FIXED COST SAVINGS OF EUR 45 MILLION
Source text for Eikon: ID:nGNE61PYcg
Further company coverage: UPM.HE
(Gdansk Newsroom)
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