M-Real Announces Extensive Restructuring Program

M-Real, a Finnish papermaker, announced it was launching an extensive restructuring program to cut costs and capacity. As part of the plan, the company is considering closing two paper mills and two paper machines, which would result in capacity reduction of about 485,000 tons per year of coated and uncoated woodfree paper combined. The company will take an impairment charge of approximately 200 million euros, and expects the program to be completed by the end of 2007.