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UPM to Trim Workers in Helsinki by End-2006

March 1, 2006 - UPM said that it will eliminate 30 positions by the end of the year at its group head office, Eteläesplanadi 2, in Helsinki. Currently, nearly 400 people work in Eteläesplanadi 2.

UPM also announced plans to sell its real estate holdings in Eteläesplanadi 2, Kiinteistö Oy Heikkiläntie 8 in Lauttasaari, and Kiinteistö Oy Pientare on Snellmaninkatu. The company then plans to work from the Eteläesplanadi office space under a long-term lease.

By the end of 2006, about 100 employees will transfer to more cost-efficient premises in the capital area, UPM said. The company's Lauttasaari-based real estate unit will move to the same premises.

UPM said approximately 270 employees will continue working at Eteläesplanadi 2. Of the 200 people working at corporate functions, 185 will work at the Eteläesplanadi 2 premises. The remainder will be based at Eteläesplanadi and work within the divisions and their support functions.

In addition, UPM said it plans to outsource all facility management services for Eteläesplanadi 2 in an effort to reduce costs.

SOURCE: UPM




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