UPM Announces Permanent Closure of Jyväskylä Plywood Mill on 7-31-2020

UPM has provided additional information about the closing of its Jyväskylä plywood mill which was first announced in June. The Jyväskylä plywood mill will be permanently closed as of 7-31-2020. The closure will result in the loss of 147 jobs. The company, however, is making every effort to find employment for the impacted employees. In a prepared statement UPM said, the planned actions will strengthen UPM Plywood’s overall competitiveness and performance in the long run. UPM will recognize restructuring charges of approximately EUR 22 million as items affecting comparability in its Q2 2020 results. The planned actions would result in annual savings of approximately EUR 11 million.