A statement released by the group on Wednesday (22 November) said the negotiations are being conducted to prepare for possible temporary adjustment of production in the Finnish units, “should the uncertainty in the operating environment continue”.

It stated: “The change negotiations on possible temporary layoffs concern all UPM pulp mills, sawmills, and graphic paper mills in Finland, as well as the Lappeenranta biorefinery.

“The change negotiations cover approximately 780 employees at UPM Pulp Finnish operations, around 235 employees at UPM Timber sawmills, circa 1,100 employees at UPM Communication Papers Finnish mills, and approximately 90 employees at the UPM Biofuels Lappeenranta biorefinery.

The possible temporary layoffs could take place from 1 January until 30 June 2024 in UPM Pulp, UPM Timber, and UPM Biofuels and from 1 March until 31 August 2024 in UPM Communication Papers.

Any temporary layoffs could be implemented in stages and would last a maximum of 90 days in total. Decisions on possible temporary layoffs will be made after the change negotiations have been concluded.

Earlier this year, UPM also conducted change negotiations concerning temporary layoffs in UPM Specialty Papers, UPM Plywood, UPM Raflatac, UPM Biocomposites, and UPM Raumacell.

Overall, UPM employs 17,200 people worldwide and has annual sales of around €11.7bn (£10.2bn).