Updated Thursday, November 5, 2009 11:22 am TWN, AP

UPM to lay off 870 and close four mills in Finland

HELSINKI -- The world's largest magazine paper maker UPM-Kymmene Corp. said Tuesday it will lay off 870 workers in Finland and close four mills as the economic downturn continues to hit its industry. Most of the permanent layoffs will be in the plywood and sawn timber sectors of the Finnish company's operations at several domestic mills, where earlier this year it temporarily laid off some 1,200 workers to save costs. UPM said it also plans to invest euro25 million (US$37 million) to expand operations at other mills, with estimated restructuring costs of euro44 million.

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