Jun 09, 2004. /Lesprom Network/. Finnish UPM intends to cut 110 jobs on a paper enterprise in Rauma as a result of the technical modernization, Reuters quoting Rauma CEO Pertti Asunmaa. The enterprise produces 1,25 million tons of magazine paper and employs 1200 workers. The jobs cut will be performed as preliminary retirement, all the employees fired on redundancy will receive a compensation. According to the CEO, the jobs cut is conducted in line with the plan to save EUR 200 million ($246 million) by 2005. In accordance with the plan, the enterprise performed paper production modernization. ‘When you modernize the equipment, you have to cut jobs’ Pertti Asunmaa said. UPM, one of the world’s leaders in paper production had to cut jobs several times during the recent years due to the low market rates and low paper prices.