Forestry group UPM permanently closes German newsprint mill and fine paper machine, impacting 345 jobs, due to declining graphic paper demand and market overcapacity.

Forestry group UPM plans to permanently close a newsprint mill and fine paper machine in Germany due to declining graphic paper demand and market overcapacity. The closures will impact 345 jobs, with restructuring charges of €113 million expected in Q2 2024. UPM aims to save €45 million annually and align production with customer demand after a durable market recovery is deemed unlikely.