1 July 2005 – Helsinki (FIN): The new collective labour agreement, which has terminated the lockout in the Finnish paper industry, is expected to up hourly staffing costs by 4.4 per cent for the first two years at UPM, according to president/CEO Jussi Pesonen.
"The shortening of paper workers’ working time will affect negatively," he said in a statement. "Neither did the agreement text include any solutions to reduce Finnish paper workers’ high absenteeism. It is disappointing that we will suffer from the rigid and complex collective agreement structure."
UPM’s mills are expected to be re-open at full producing capacity next week.