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Finnish paper company UPM to cut up to 170 jobs in Europe

Reuters
FILE PHOTO: Magazine paper rolls are seen at UPM-Kymmene’s paper mill in Kaukas, Lappeenranta

(Reuters) - Finnish paper and pulp producer UPM <UPM.HE> said on Tuesday it planned to cut up to 170 jobs mainly in Europe, aiming to save around 12 million euros ($14 million) annually.

UPM said that if the plans were implemented, about 100 jobs would be cut in its label materials business across Europe, while it plans to cut up to 70 positions in its global operations mainly in Finland and Germany.

($1 = 0.8490 euros)

(Reporting by Tommy Lund in Gdansk; editing by Jason Neely)