UPM Plywood closes Jyväskylä plywood mill – employee consultation process completed

Investor news 21.7.2020 12:00 EEST

In June UPM announced plans to permanently close its Jyväskylä plywood mill. The employee consultation processes regarding the plan have now been completed.

UPM Jyväskylä plywood mill will be permanently closed on 31.07.2020. The reduction of personnel is 147 people.

“I want to thank all parties for an open and constructive consultation process. We have focused on finding best possible solutions for the employees affected. In addition to regulatory measures, UPM provides support for alternative routes to new careers. For example, through training, further education or entrepreneurship. In addition, we will support relocation to open positions in other UPM Plywood mill sites”, says Mika Sillanpää, EVP UPM Plywood.

The planned actions will strengthen UPM Plywood’s overall competitiveness and performance in the long run. UPM will recognise 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.

For further information please contact:
Mika Sillanpää, Executive Vice President, UPM Plywood, tel. +358 40 588 3284 (UPM Media Relations)

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284

UPM Plywood offers high quality WISA® plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial applications. In 2019 UPM Plywood sales was EUR 450 million and it had around 2,400 employees. UPM has six plywood mills and one veneer mill in Finland as well as plywood mills in Russia and Estonia. – www.wisaplywood.com

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We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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