Stora Enso announces restructuring and further job cuts
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Due to the continued weak and uncertain market environment, pulp, paper, board and packaging producer Stora Enso is planning a new programme with the aim of improving operating EBIT by €80 million annually.
This could lead to a possible reduction of around 1,000 jobs, but is to be implemented without closing any production sites, Stora Enso explained in a press release.
The majority of the savings would be realised in the course of 2025, and the largest part of the headcount reduction is to take place in the first half of 2024. The headcount reductions, efficiency improvements and synergy opportunities would impact all business areas and Group functions, reflecting the size of the respective organisations.
Decisions on the planned headcount reduction will only be made once negotiations on the job cuts have been finalised in accordance with local regulations, Stora Enso said.
At the end of last year, Stora Enso completed a restructuring programme, which was initiated in June 2023. The programme resulted in an annual operating EBIT improvement of €110 million and a reduction of 1,150 jobs.
