© Reuters. FILE PHOTO: Rolls of magazine paper are seen in UPM-Kymmene's paper mill in Kazier, Lappeenranta, Finland, March 9, 2016. Reuters / Jussi Rosendahl
HELSINKI (Reuters) – Around 3,000 workers at Finnish forest group UPM went on strike on Saturday and closed plants, the company said on Saturday.
Three paperworkers, senior executives and electricians' unions had previously warned that they would go on strike if a new agreement on wages and working conditions was not reached before the previous agreement ended on December 31.
UPM, along with other forest employers, ended collective bargaining a year ago, stating that the industry wants to improve profitability by looking for alternative ways to reconcile wages and working conditions.
While workers required UPM to sign a company-wide employment contract, the company pushed for business-specific agreements and signed them with its plywood and wood departments.
Workers in UPM's pulp, paper and biofuel businesses said UPM wanted to dictate new terms rather than negotiate, the three unions said.
The strike will end on January 22, unless an agreement is reached beforehand, the unions said in separate statements.
Inderes analyst Antti Viljakainen told Reuters that UPM could expect the cost to be at least double the € 30 million ($ 34 million) caused by an earlier 2020 strike.
UPM rival Stora Enso (OTC 🙂 has signed a company-wide agreement with the unions.
($ 1 = 0.8797 euros)
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media, or anyone involved in Fusion Media, assumes no liability for any loss or damage arising out of reliance on the information contained on this website, including data, prices, charts, and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.