Stora Enso‘s Packaging Business Area has announced plans to restructure its core and coreboard operations in Finland, Germany, the UK and the US, and its streamline corrugated packaging production in Finland.

The move is aimed at increasing the company’s cost competitiveness and responding to market demand.

Starting with the first quarter of 2012, the company plans to reduce annual costs by about €6m with all planned actions to be complete by the end of the third quarter of 2012.

In the fourth quarter 2011 financial result, Stora Enso will record a restructuring provision and an inventory write-down of about €4m in the industrial packaging segment.

The plans also include the possibility of temporary lay-offs at corrugated packaging operations in Finland.