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Nordic paper maker Stora Enso Oyj says that despite strong fourth quarter earnings it will slash 600 jobs due to the weak European economy.
The Finnish company says earnings in the last three months of 2012 reached €265.5 million ($358 million), up from €100.2 million in the same period the previous year. Revenue rose slightly to €2.73 billion for the quarter.
The company said Tuesday it expected sales to remain flat in the first quarter and that operating profit would drop about one-third due to weak demand in the European paper market.
Stora Enso says most of the job cuts will take place in Sweden, where it will permanently shut down two paper machines by the end of June. The company also intends to reorganize its logistics services throughout Europe.