Stora Enso to restructure its coated magazine paper business

Stora Enso will restructure its coated magazine paper operations due to continuing challenging market conditions in order to improve cost efficiency and productivity. Measures to be taken will affect the Kabel mill in Germany, the French paper mill at Corbehem as well as the Veitsiluoto site in Finland, Stora Enso said. It plans to achieve annual cost reductions in the new Printing and Reading business area of around €48m which will have full impact as of the third quarter of 2013. The number of employees in all three mills are to be re-duced by a total of 110 (most likely 44 in Finland, 44 in Germany and 22 in France) by the end of the current year. Stora Enso said it does not intend to cut paper production and permanent closures are currently also not planned.