Finnish engineering firm Metso will cut 660 jobs in Finland at its paper machine business, as part of its cost-cutting programme in the unit.
Metso estimated in August that it might cut up to 750 jobs.
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Metso said it plans to spin off and list its pulp, paper and power (PPP) unit into a new company called Valmet to boost growth. Shareholders are due to vote on the plan later this year.
(Reporting by Terhi Kinnunen; Editing by Louise Heavens)