Metsä Group to Cut 520 Positions in Finland
On Wednesday, Metsä Group said it will eliminate 520 permanent positions in Finland as part of its previously announced EUR 300 million cost savings and profit improvement program. The company had estimated a need to reduce 540 roles before statutory negotiations began.
Of the 520 positions to be terminated, up to 440 will result in redundancies, the company said. The reductions include impacts at Metsä Board, the listed subsidiary within Metsä Group. Statutory negotiations outside Finland are still underway.
“This is a very sad moment for our entire committed work community. However, it is an indispensable part of the profit turnaround we are aiming for. Our operating environment has changed significantly, and the market situation continues to be very challenging,” President and CEO Jussi Vanhanen said.
Metsä Group noted it will provide employees with support during the transition. Cost provisions tied to the savings program will be recorded in Q4.
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