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Stora Enso cuts in Sweden as their bottom line is challengedWednesday, 08 February 2012
Forest industry giant Stora Enso is encouraging new cutbacks in connection with its interim report.
In Sweden, it wants to maintain operations more efficiently as such it is expected to involve a reduction of approximately 130 people.
The reduction includes mills in Hylte, Skoghall, Skutskär, Fors and Kvarnsveden, according to a press release from the company.
Restructuring in Sweden is expected to reduce Stora Enso's annual costs by about €21 million progressively from late 2012.
Stora Enso is planning also to restructure its operations in the newsprint sector, which is expected to lead to a staff reduction of up to 110 people in France, Finland and Germany. These measures are expected to reduce costs by around €48 million with full effect from the third quarter of 2013.
The company reported a profit before tax of €110.3 million, corresponding to approximately Skr 975 million for the fourth quarter of 2011. This compares with profit of €364.1 million similar period in 2010.
The adjusted operating profit amounted to €144.9 million, which was in line with analyst expectations.
Turnover amounted to €2.682 billion, compared to €2.685 million a year earlier.
By Scancomark.se Team
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