Finnish paper maker UPM-Kymmene announces layoffs

Paper maker UPM-Kymmene on Friday announced temporary lay-offs in several Finnish paper mills due to weak demand, following rival Stora Enso's similar announcement earlier this week.

The company may lay employees off for up to 90 days in 2012 at its mills in Rauma, Kymi, Kaukaa, Jokilaakso and Tervasaari.

The sites, which produce mainly magazine paper, employ about 2,900 people.

The company says that the need for layoffs stems from market uncertainty and an anticipated drop in demand.

Source: YLE