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Billerud announces staff cuts

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11:07 CEST+02:00
Swedish packaging paper company Billerud AB said it is laying off 450 staff in a bid to cut costs by 250 million kronor a year.

Billerud said it expects one off costs of 400 million kronor associated with the programme.

The staff cuts will affect all four of the company's mills - Gruvon, Karlsborg and Skarblacka in Sweden, and Beetham in the UK. The company said staff reductions will mainly be in the form of early retirement.

The cost savings are expected to take full effect in 2007.

(AFP)

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