ESPOO, Finland -- Valmet starts change negotiations on September 5, 2024, that affect its Paper business line's Board and Paper Mills business unit. The business unit develops and delivers board and paper making lines and technologies globally.

The negotiations include a plan to consider measures aimed at improving the profitability and competitiveness of the business operations. The business unit has already earlier this year initiated actions to adapt to the changed market situation, but those actions have not been sufficient. The scope of the negotiations starting now covers all employees in Board and Paper Mills business unit in Finland, in total, approximately 1,300 people. Other organizations or employees in Paper business line are not included in the scope.

The plan includes restructuring organizational structures, development of ways of working and adjustment of personnel to the work situation. According to company's preliminary view, the potential measures include temporary and permanent layoffs, retirements, and internal work arrangements within Valmet. The estimated number of permanent employee reductions is approximately 200 positions. The exact details regarding the extent and targeting of the potential temporary and permanent layoffs will be clarified during the negotiation process.

Valmet has in total more than 19,000 employees globally, and in Finland it employs around 6,600 people.