UPM-Kymmene Wood Products Industry's manufacturing units to merge under the new company name UPM-Kymmene Wood Oy

UPM-Kymmene Wood Products Industry will incorporate its subsidiaries Schauman Wood Oy and United Sawmills Ltd in a new company, UPM-Kymmene Wood Oy.

Besides improving the efficiency of operations, the reorganisation will clarify the naming policy of existing UPM-Kymmene Wood Products Industry companies. It will also strengthen the manufacturing of wood products as one of UPM-Kymmene's core business areas and part of a strong UPM brand.

The plywood and sawmilling businesses will continue to operate as separate business areas, but the general aim is to streamline operations by increasing shared services with these business areas.

Arto Juvonen will continue as Managing Director of the plywood business and Kari Anttilainen as Managing Director of the sawmilling business. Both will continue to report to President Kari Makkonen.

The arrangement will become effective in January 2004.

For further information, please contact: Kari Makkonen, President, UPM-Kymmene Wood Products Industry, tel. +358 (0)204 15 0666 or +358 (0)40-585 0865.

UPM-Kymmene Wood Products Industry
May 23, 2003