The company is initiating a cost savings programme which could mean the loss of up to 600 jobs worldwide. Kemira currently has payroll strength of 5,181 persons.

Kemira also plans to close some of its factories. However, the company’s CEO Wolfgang Büchel said the manufacturing shutdowns would not effect Finland.

The firm plans to reduce costs by around 60 million euros annually.

Kemira’s operating profit fell by around 4 percent in the second quarter from over 37 million euros to 33 million euros. Turnover was up from 549 million to 562 million euros.

Union representatives have expressed dismay at the size of the proposed staff cuts. Timo Vallitu, Chair of the TEAM industrial trade union told Yle that Kemira had exaggerated the need to reduce staff worldwide. He noted Kemira was profitable and had managed to reduce its debt burden.