Enso and UPM-Kymmene agree to swap shareholdings

Archive 18.6.1996 0:00 EEST

Enso Oy and UPM-Kymmene Corporation have entered into an agreement whereby Enso will exchange its 35% interest in Wisapak Oy in return for UPM-Kymmene's 18% stake in Corenso United Oy Ltd and its entire 26% holding in Keräyskuitu Oy, which produces deinked pulp at Karhula.
The deal will take effect on 1 July 1996. As a result, Enso's stake in Corenso will increase to 71%, leaving UPM-Kymmene with 29%. Enso's interest in Keräyskuitu will increase to 57%. Wisapak will become a wholly-owned UPM-Kymmene subsidiary.
The deal will allow the companies to focus more closely on their core businesses, i.e. coreboard for Enso and industrial wrappings for UPM-Kymmene.
The above arrangements will not affect the employees of the companies concerned.