UPM to suspend purchasing of wood in and from Russia and operations at its Chudovo plywood mill

Investor news 9.3.2022 9:00 EET

UPM will suspend purchasing of wood in and from Russia as well as the UPM Chudovo plywood mill operations for the time being. The company is preparing a mitigation plan accordingly. UPM also informed on 3 March 2022 that it will cease deliveries to Russia.

The suspension will be implemented with due consideration of UPM’s local employees, customers and stakeholders as well as the legislation in Russia. UPM continues to honour its obligations towards its employees in Russia. UPM businesses will keep their customers and suppliers informed of the situation. We also continue to monitor the development of the sanctions and will make further decisions accordingly.

Today’s decision is in line with the recent analysis and positions by major forest certification bodies FSC and PEFC. They have excluded the wood originating from Russia and Belarus from their certification systems.

UPM continues to provide humanitarian aid and material support in Ukraine in order to help those suffering from the war.

For further information please contact:
Wood purchases: Sauli Brander, Senior Vice President, UPM Forest, tel.+358 40 567 4155
UPM Plywood operations: Mika Kekki, Executive Vice President, UPM Plywood, tel. +358 2041 58403

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284

We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility, we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 17,000 people worldwide and our annual sales are approximately EUR 9.8 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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