In a statement released today, the company said it would reorganise operations by merging the plywood and building products divisions into a Building and Industry business line, while the timber and "upgrades" divisions will continue in existing form.

Metsä said "significant synergies" would be sought from combining operations in the whole company.

Metsä said its markets, including the UK and France, had developed unfavourably and it wanted to improve future competitiveness.

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