UPM-Kymmene to acquire entire share capital of Estonian birch plywood mill

Archive 10.4.2003 0:00 EEST

UPM-Kymmene is purchasing AS Forestex's and Stora Enso Timber AS's (earlier AS Sylvester) holdings in the Estonian birch plywood mill AS FSS Plywood. The entire mill will be transferred into the ownership of UPM-Kymmene, which at the same time will sell its holding in AS Forestex to Stora Enso Timber AS.

AS FSS Plywood was founded in 2000 by the wood procurement companies AS Forestex and AS Sylvester operating in Estonia and by the plywood manufacturer Schauman Wood Oy, which belongs to the UPM-Kymmene Group. The mill located in Otepää, south-east Estonia, produces high-quality birch plywood for the construction, furniture and transport vehicle industries. The production of the plant, amounting to 20,000 cubic metres of birch plywood a year, is marketed under the WISA brand. Schauman Wood is responsible for the marketing. Most of the production is exported, mainly to central European markets.

The finalisation of the acquisition is subject to the approval of the competition authorities.

For further information, please contact:
Kari Makkonen, President, UPM-Kymmene Wood Products Industry, tel. +358 40 585 0865.

UPM-Kymmene Wood Products Industry
10 April 2003