50 employees made redundant at Workington and 20 in Iggesund

50 employees made redundant at Workington and 20 in Iggesund Iggesund Paperboard is making some 50 employees, mostly salaried personnel, redundant at its paperboard mill in Workington, England. The reason for the redundancies is the mill's unsatisfactory profitability. The personnel cutbacks are part of an action programme intended to cut costs. The programme also includes measures to improve productivity and raise production. Holmen's President and CEO, Göran Lundin, comments: "So far the Group has failed to benefit to the full from its investments in the mill. The main purpose of this personnel cut is to bring about a much-needed reduction in the cost base, but we also have to focus on other areas of the action programme." Workington currently has around 525 employees. Holmen's wholly owned subsidiary Skärnäs Terminal AB in Iggesund has issued redundancy notices to 20 employees, of whom 14 are collective employees and six are salaried personnel. The main reason is the decline in wood imports passing through the terminal. Skärnäs Terminal AB currently has some 70 employees. For further information, contact Holmen's President and CEO, Göran Lundin on +46 8 666 21 00, or Björn Kvick, President of Iggesund Paperboard, on +46 650 280 00. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/12/05/20011205BIT00230/bit0002.doc http://www.waymaker.net/bitonline/2001/12/05/20011205BIT00230/bit0002.pdf

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Holmen is a forest industry group that manufactures paperboard, paper and wood products and runs forestry and energy production operations. In 2016 Holmen’s net sales were SEK 15.5 billion and the group has approx. 3 000 employees. Holmen’s shares are listed on Nasdaq Stockholm, Large Cap. For more information, visit holmen.com