Transfennica to be sold to Finnlines

Archive 28.6.2000 0:00 EEST

The present shareholders of Transfennica Ltd., UPM-Kymmene Corporation ( 49.9% holding), Metsä-Serla Corporation (32.7%), Myllykoski Paper Oy (9%) and Oy Metsä-Botnia Ab (8.4%), have signed an agreement to sell their shares to Finnlines Plc. The value of the transportation agreements together with the free of debt value of the shares of Transfennica has been agreed to be some EUR 67 million.

Transfennica is a shipping company specialized in forest industry products. Turnover of the company is some EUR 185 million. The company operates a fleet of over 20 purpose-built ro-ro vessels with liner services between Finland, Germany, Belgium and the United Kingdom.

With this agreement the forest industry transportations will be further developed and maritime transport logistics will be strengthened. Present shareholder companies will continue shipping cooperation with Finnlines Plc when this agreement has come into effect after the approval of the relevant competition authorities.

Fore more information, please contact:
Mr Heikki Sara, Senior Vice President, UPM-Kymmene Corporation, tel. +358 204 15 0040
Mr Aarre Metsävirta, Executive Vice President, Metsä-Serla Corporation, tel. +358 10 469 4301
Mr Sverre Norrgård, Managing Director, Myllykoski Paper Oy, tel. +358 50 2529

UPM-Kymmene Corporation
Metsä-Serla Corporation
Myllykoski Paper Oy
28 June, 2000