Metsa Group: Mets Board to lay off 208 people, will take impairment charges in Q1

Finnish paperboard manufacturer Metsä Board will cut a total of 208 jobs. This is the final result of negotiations initiated in January to improve the company's profitability and competitiveness, according to a press release. As a result of the negotiations, the Tako mill will be permanently closed (planned to take place by the end of Q2 at the latest), while the company will look to improve operational efficiency at the Kyro mill. According to Metsä Board, the Tako closure will not affect customer deliveries. The company estimates that the measures will improve the annual adjusted ebitda result by EUR 30 million, mainly from the second half of 2025. At the same time, the measures will result in a one-off cost of EUR -28 million, which will be recognized in the first quarter of 2025 as an item affecting comparability. The one-off impact on cash is EUR -1 million.