UPM to close mills; cut jobs

8 March 2006 – Helsinki (FIN): UPM has announced plans to cut up to 3,600 jobs by 2008, with most of the layoffs in Finland.
 
The company’s programme to improve efficiency will include closing several of its least competitive mills resulting in annual savings of around €200 million ($238 million).  
 
 UPM also plans to invest in units that have the best prospects for profitable business