Final contract on Finnyards' shipbuilding

The Finnyards' shipbuilding business operations have been transferred in a final contract to the Norwegian Aker Maritime ASA. UPM-Kymmene and the other Finnyards shareholders agreed a letter of intent on the matter on 20 August, 1997. Of the established new company, Aker Finnyards Ltd, Aker Maritime ASA owns 60% and Finnyards the remaining 40%. Aker will buy the remaining 40% latest after three years.
The name Finnyards will be changed into FY-Industries Ltd. It is owned by UPM-Kymmene Corp. (48%), Optiomi Ltd (39%) and the Finnish state (13%).
UPM-Kymmene Corporation
Corporate Communications
16 October, 1997