Cultural Foundation to manage UPM’s valuable art collection

(UPM, Helsinki, March 23, 2006) – UPM has established a Cultural Foundation to own and manage 689 of the corporation’s works of art with a current market value of EUR 5.8 million. The works in question are situated at 14 UPM locations around Finland and in Augsburg, Germany. In addition to the art collection, UPM has presented the Cultural Foundation with 162,000 shares and EUR 200,000 in cash to secure its operations.

UPM’s Board of Directors has elected Mr Gustaf Serlachius as Chairman and Mr Jarmo Laiho as Vice Chairman of the Board of the Cultural Foundation. Other Board members are Ms Marja Tanninen-Mattila, Mr Matti Lounasmeri and Mr Kari Toikka. The staff of the Foundation will be appointed during the spring.

The purpose of the Cultural Foundation is to preserve and manage UPM’s cultural heritage, in particular works by Finnish artists, and to promote awareness of the collection. This will be achieved by holding exhibitions and providing publicity.

The art collection entrusted to the Cultural Foundation contains nationally and artistically important paintings and sculptures that have been in the possession of UPM’s predecessor companies for many decades. Among the well-known artists represented are Emil Wikström, Berndt Lindholm, Albert Edelfelt, Akseli Gallen-Kallela, Victor Westerholm and Elin Danielsson. The collection also contains important works by Eero Järnefelt and Hugo Simberg reflecting the corporation’s industrial heritage.

The Foundation is also to manage three smaller collections comprising Finnish metal graphics from the 1980’s, Russian contemporary art from the 1970’s and 80’s, and an international modern art collection from the late 20th century housed in Augsburg, Germany. In total, UPM’s art collection contains some 2,500 items.

For further information please contact:
Mr Eero Niinikoski, UPM, Director, Industrial Heritage and Culture, tel. + 358 204 15 2100, mobile +358 400 251 192