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Nordic paper maker Stora Enso lays off 2,500 personnel worldwide in savings drive

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(Globalpost/GlobalPost)

HELSINKI - Nordic paper maker Stora Enso says it will lay off 2,500 workers, or some 9 per cent of its total global workforce, as part of a major cost-cutting program and streamlining of operations.

The Finland-based company says the measures are aimed at achieving fixed annual savings of 200 million euros ($265 million) by the second quarter of 2014, announced earlier this year.

Some 1,400 layoffs will be in Finland and Sweden, with 850 others in the rest of Europe.

In February, Stora said it will close two mills in Sweden, downsize a sawmill in Austria and transfer some production from Germany to the Czech Republic.

The company's share price was up 1.5 per cent at 5.29 euros in early Helsinki trading on Tuesday.

http://www.globalpost.com/dispatch/news/the-canadian-press/130618/nordic-paper-maker-stora-enso-lays-2500-personnel-worldwide-