Forest industry giant Stora Enso announced 240 job cuts from its mills in Finland, Sweden, France and Germany.
Some 40 jobs are to go at its Veitsiluoto Mill in the northern Finnish town of Kemi although a sizable machine investment has also been unveiled.
The cuts at Veitsiluoto are part of wider plans to restructure its coated magazine paper production at mills in Finland, France and Germany. Stora Enso says the changes will enable savings of 48 million euros.
Stora Enso is to cut 130 jobs at plants in Sweden with the aim of achieving annual savings of 21 million euros.