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Stora Enso to slash up to 2000 jobs
Stora Enso, Europe's leading paper and cardboard maker said on Thursday it would cut up to 2000 jobs globally in the next two years to boost profitability.
The company said it aimed to save up to €250 million ($326 million) annually by streamlining management structure by the end of 2010.
Stora Enso has in recent years reorganised it operations, announcing massive cuts in production capacity and jobs. Last September Stora said it would slash 1,700 jobs in Germany, Finland and Russia in the next few years.
In the first quarter, Stora swung to a net loss of €36.1 million, from a net profit of €66.1 million in the same period in 2008.
Source: AFP
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