UPM-Kymmene's subsidiary in China, UPM-Kymmene (Changshu) Paper Industry Co., Ltd., has received approval from the Chinese authorities for capital increase of the company and the expansion of operations. A detailed feasibility study to build a paper machine with an annual capacity of 450,000 tons of fine paper is ongoing. The aim is to present the final investment proposal for approval by UPM-Kymmene's Board of Directors during autumn 2002. The new machine is scheduled to start-up by the end of year 2004.
The mill in Changshu has been in operation since 1999 and in 2000 it became a 100%-owned subsidiary of UPM-Kymmene Corporation. The annual production capacity of the mill is 350,000 tons of coated and uncoated fine paper.
For further information, please contact:
Jyrki Ovaska, President, Fine & Speciality Paper Division, telephone +358 400 644 234
Olavi Kauppila, Senior Vice President, Investor Relations, telephone +358 204 15 0658
11 July, 2002