UPM to sell its minority shareholding in Corenso United

UPM sells its 29 per cent minority shareholding of Corenso United Oy Ltd to Stora Enso. The transaction is subject to approval by competition authorities and is expected to be closed during the second quarter of the year.

Corenso United produces coreboard and cores and tubes for industrial use. Corenso has four coreboard mills and 14 core factories in Europe, China and North America, and associated companies in Canada and Spain.

For more information, please contact:
Mr Heikki Sara, Executive Vice President, Strategic Development, UPM, tel. +358 204 15 0040

UPM
Corporate Communications
March 17, 2005