UPM, the world’s biggest newsprint and magazine paper producer, has blamed the rise of digital media for 550 job cuts as part of moves to close production facilities in the UK, France and Finland. The €6.5bn company, which is listed on the Finnish stock market, said it hoped to save €150m annually by removing 800,000 tonnes of paper production capacity from its European business, “which continues to suffer from overcapacity”.
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