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    STERV   FI0009005961

STORA ENSO OYJ

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Strikes shut down UPM pulp and paper plants in Finland

01/01/2022 | 12:13pm EDT
FILE PHOTO: Magazine paper rolls are seen at UPM-Kymmene’s paper mill in Kaukas, Lappeenranta, Finland

HELSINKI (Reuters) - Some 3,000 workers at Finnish forestry group UPM went on strike on Saturday, shutting plants, the company said on Saturday.

Three unions representing paper workers, managerial staff and electricians had previously warned they would strike if a new agreement about wages and working conditions was not reached before the previous agreement ended on Dec. 31.

UPM quit collective bargaining a year ago together with other forestry employers, saying the industry wants to improve profitability by seeking alternative ways to agree on wages and working conditions.

While workers have demanded UPM signs a company-wide labour agreement, the company has pushed for business-specific agreements and signed them with its plywood and timber divisions.

Workers in UPM's pulp, paper and biofuels businesses have said UPM wants to dictate new conditions instead of negotiating, the three trade unions have stated.

The strike will end on Jan. 22 unless an agreement is reached before that, the trade unions previously said in separate statements.

Inderes analyst Antti Viljakainen earlier told Reuters UPM could expect the cost to be at least twice as big as the 30 million euros ($34 million) caused by a previous strike in 2020.

UPM rival Stora Enso has signed a company-wide agreement with the workers' unions.

($1 = 0.8797 euros)

(Reporting by Essi Lehto, Editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
S&P GSCI BIO FUEL INDEX 0.48% 219.7303 Real-time Quote.29.94%
STORA ENSO OYJ 4.95% 18.35 Delayed Quote.8.33%
UPM-KYMMENE OYJ 2.57% 32.72 Delayed Quote.-4.66%
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Financials
Sales 2022 11 137 M 11 731 M 11 731 M
Net income 2022 1 244 M 1 310 M 1 310 M
Net Debt 2022 1 972 M 2 078 M 2 078 M
P/E ratio 2022 10,9x
Yield 2022 3,47%
Capitalization 13 862 M 14 422 M 14 601 M
EV / Sales 2022 1,42x
EV / Sales 2023 1,42x
Nbr of Employees 22 000
Free-Float 85,5%
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Number of Analysts 13
Last Close Price 17,49 €
Average target price 20,45 €
Spread / Average Target 17,0%
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Managers and Directors
Annica Bresky President & Chief Executive Officer
Seppo Matti Parvi Chief Financial Officer
Antti Mikael Mäkinen Chairman
Teemu Salmi Chief Information Officer
Hock Goh Independent Director
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