UPM closes French newsprint mill

UPM has halted production at its newsprint mill in Grand-Couronne, France, cutting 228 jobs and lowering its annual newsprint production capacity by 240,000 tonnes, the Finnish forestry group said in a statement.

UPM said the closure would mean around 30 million euros ($34 million) in annual savings but restructuring charges of 33 million euros in its April-June results.