Stora Enso reaps effects of strike
July 27, 2005 By Pulp & Paper Canada
As expected, the labour dispute that left the Finnish pulp and paper industry at a standstill for six weeks in May …
As expected, the labour dispute that left the Finnish pulp and paper industry at a standstill for six weeks in May and June, has taken a toll on Stora Enso.
The company reported a net loss of 10.1 million for the period between April and June, compared to a profit of 50.3 million the year before. Sales for the quarter fell to 3.19 billion, from 3.1 billion in the same period of 2004
The company said the effects of the strike will imply a decrease of 40 million less in profits and 100,000 tonnes in lost paper and board production in the next quarter. Afterwards, it is expected that sales and demand will pick up in most areas of production
“The new labour agreement, with its significant changes in labour practices, will contribute to the long-term competitiveness of the Finnish forest products industry,” said chief executive Jukka Harmala.
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