UPM is changing its corporate structure in FinlandPress Release 5/26/2016 9:00 AM UTC
(UPM, Helsinki, 26 May 2016 at 11:00 EET) - UPM-Kymmene Corporation is proceeding with the plan to change its corporate structure in Finland to better match its current business structure. UPM announced the plan on 10 December 2015.
Three new subsidiaries have been established in Finland: UPM Energy Oy, UPM Paper Asia Oy and UPM Paper ENA Oy. The personnel and assets of UPM Energy, UPM Paper Asia and UPM Paper ENA (Europe and North America) in Finland are planned to be transferred to the new companies on 1 July 2016.
UPM Raflatac and UPM Plywood operate already in their own subsidiaries in Finland. UPM Biorefining will remain in UPM-Kymmene Corporation.
The UPM business structure and operating model of businesses will remain as today. The arrangement has minor impact on day-to-day operations. The staff will transfer to the new companies with existing terms and conditions.The corporate structure change does not include personnel reductions.
For further information, please contact:
Tapio Korpeinen, Chief Financial Officer, UPM, Tel. +358 2041 50004
UPM, Media Relations
tel. +358 40 588 3284
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper ENA and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,600 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company - www.upm.com