Stora Enso Oyj (STERV) will cut about 2,500 additional jobs, or 9 percent of its total, as Chief Executive Officer Jouko Karvinen reshapes Europe’s biggest papermaker amid shrinking markets for printed media.
The reductions announced today don’t include any capacity cuts, the Helsinki-based company said in a statement today. The measures to simplify and streamline the company are a part of a plan expected to generate 200 million euros ($266 million) in savings, first outlined on April 23.
“We have to respond to weakness in the European economy, structurally shrinking markets in some of our businesses and our poor profitability,” Karvinen said in the statement.
Chosen excerpts by Job Market Monitor