Iggesund Paperboard is making some 50 employees, mostly salaried
personnel, redundant at its paperboard mill in Workington, England.

The reason for the redundancies is the mill's unsatisfactory

The personnel cutbacks are part of an action programme intended to cut
costs. The programme also includes measures to improve productivity and
raise production.

Holmen's President and CEO, Göran Lundin, comments:
"So far the Group has failed to benefit to the full from its investments
in the mill. The main purpose of this personnel cut is to bring about a
much-needed reduction in the cost base, but we also have to focus on
other areas of the action programme."

Workington currently has around 525 employees.

Holmen's wholly owned subsidiary Skärnäs Terminal AB in Iggesund has
issued redundancy notices to 20 employees, of whom 14 are collective
employees and six are salaried personnel. The main reason is the decline
in wood imports passing through the terminal.

Skärnäs Terminal AB currently has some 70 employees.

For further information, contact Holmen's President and CEO, Göran
Lundin on +46 8 666 21 00, or Björn Kvick, President of Iggesund
Paperboard, on +46 650 280 00.

Holmen AB, P.O. Box 5407, SE-114 84 Stockholm, Sweden.

Visiting address: Strandvägen 1, Stockholm.

Tel: +46 8 666 21 00   E-mail: info@holmen.com

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