UPM Warns Further Capacity Cuts, Layoffs Possible
Dec. 11, 2008 - Finland's UPM said that it foresees shipments decreasing “more than anticipated” in the next few months and that it's ready to react to changing market conditions “with flexible operations and capacity management in different production lines.”
“Different businesses will aim to increase flexibility through shift arrangements and temporary lay-offs,” UPM said in a press statement.
In addition, UPM warned that it will not achieve the expected result for the final quarter of the year 2008 due to weakening markets.
UPM produces coated and uncoated (woodfree) printing papers, including newsprint, and self-adhesive label materials.