STOCKHOLM, Sweden, Jan. 7, 2002 (PRIMEZONE) -- Iggesund Timber, Holmen's business area for the production and sale of sawn timber, has entered into negotiation under the terms of the Codetermination Act on a significant reduction in its work force.
Around 45 employees will be affected by the planned cut, which is mainly due to the heavy losses incurred by the business area and the deteriorating conditions on the market for the Swedish sawn timber industry.
The planned cut is part of an action program designed to reduce costs and improve productivity at Iggesund Timber.
Holmen will examine what steps can be taken to minimize the consequences of the redundancies.
Iggesund Timber currently has approximately 140 employees.
This information was brought to you by Waymaker http://www.waymaker.ne