(UPM, Helsinki, 22 July 2008 at 09:00) – UPM's RFID antenna manufacturing subsidiary Intune Circuits Ltd has been sold to Savcor Group Ltd. UPM's shareholding in the company was over 60 per cent. The other shareholders were Outotec Oyj and Finnish Industry Investment. The deal has no material impact on UPM's profit.
Founded in 2005 by UPM, Outokumpu Technology and Finnish Industry Investment, Intune Circuits Ltd was the first mass producer specialised in RFID antennas for global markets. Today, Intune Circuits Ltd is the world's leading producer in its field. It employs some 40 people at its mill in Vantaa, Finland.
For further information please contact:
Mr Hans Sohlström, UPM, Executive Vice President, New Businesses and Biofuels, tel. +358 400 547 717