The world's largest magazine paper maker, UPM-Kymmene Corp., reported it will temporarily lay off 1,220 workers in Finland, as the economic downturn continues to hit the wood and paper industry.
The announcement follows UPM's earnings report last week confirming a fourth-quarter net loss of euro286 million ($267 million) and an 8 percent drop in sales to euro2.3 billion.
The company gave a grim outlook for the rest of the year, saying it will continue to close mills and curtail production, expecting poor demand to continue in 2009.
Last year, UPM closed mills in Finland and slashed 700 jobs. It also announced plans to cut thousands of jobs worldwide during the next few years.
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