Metsä Group has completed statutory negotiations as part of its €300m cost savings and profit improvement programme.
The move will result in the termination of 540 permanent positions in Finland, with a maximum of 440 redundancies.
Reductions at Metsä Board in Finland are included in these figures, and statutory negotiations outside of Finland are still partly continuing.
Jussi Vanhanen, President and Chief Executive of Metsä Group, said: “This is a very sad moment for our entire committed work community.
“However, it is an indispensable part of the profit turnaround we are aiming for.
“Our operating environment has changed significantly, and the market situation continues to be very challenging.”
