Stora Enso mulls to cut 1000 more jobs

Finnish pulp and paper giant Stora Enso is planning to cut about 1000 employees with the view to reduce costs, said the company in a press release on Thursday.

The company said it has initiated a new profit improvement programme targeting annualised EUR 80 million improvement of the operational EBIT (Earnings Before Interest and Taxes).

The company, however, will not close any site under this programme.

Local change negotiations in line with the local legislations will start as soon as country specific plans are further detailed.

“To remain competitive and drive growth, Stora Enso will launch a profit improvement programme targeting an annualised 80 million euro improvement of our operational EBIT. This could lead to a potential reduction of approximately 1,000 employees,” President and Chief Executive Officer of Stora Enso Hans Sohlström said in the press release.

Sohlström said that the employee reductions, efficiency improvements and synergy opportunities would impact all divisions and Group functions.

“The majority of these savings would materialise in 2025,” he added.

At the end of last year Stora Enso completed a restructuring programme which was initiated in June 2023. The programme resulted in an annual operational EBIT improvement of EUR 110 million and 1,150 employee reductions.