The change negotiations involve approximately 820 people working at UPM Pulp, 340 at UPM Timber, and around 1,100 at UPM Communications Paper.

UPM said the negotiations were being held to prepare for possible temporary adjustment of production at the Finnish units, “should the uncertainty in the operating environment continue”.

If agreed, the temporary layoffs at UPM Communication Papers would be between 1 September 2024 and 28 February 2025.

Last summer UPM took out 485,000 tonnes of European graphic paper capacity by permanently closing paper machine 6 at its Schongau site in Germany and paper machine 4 at Steyrermühl in Austria.

At UPM Timber the timeframe is also between 1 September 2024 and 28 February 2025.

At UPM Pulp the proposed period is from 1 July and 31 December this year.

UPM employs approximately 16,000 people worldwide.

The group posted sales of €10.46bn (£8.95bn) for calendar year 2023, while operating profits fell to €608m from €1.97bn the prior year.