Finnish paper and packaging company Stora Enso said Wednesday it would cut 110 jobs in Finland, France and Germany as part of a plan to save 48 million ($63 million) in costs annually.

The proposed cuts would affect employees at Corbehem Mill in France, Veitsiluoto Mill in Finland and Kabel Mill in Germany.

"The proposed restructuring measures would reduce the number of employees in coated magazine paper operations by up to 110 in total," the statement noted, adding that "all the actions would be completed by the end of 2012."

The job- and cost-cutting plans are part of a restructuring programme aimed at tackling challenges in the operating environment for coated magazine paper, the company said in a statement.

No specific retrenchment numbers had as yet been assigned to any plant.

"The outcome of the plans will depend on the result of the local co-determination procedures," the company said, referring to negotiations with representatives of employer and employee groups at the respective mills.

Stora Enso pledged that job openings in other units would be available to affected workers and that it would help to find new employment opportunities for those affected.