UPM to sell its logging company in Russia to International PaperArchive 13.4.2011 12:00 EEST
UPM's ownership in the Russian logging company ZAO Tikhvinsky Komplexny
Lespromkhoz. According to the agreement, the operations, permanent personnel
and logging license covering 184,000 hectares of forest area in Tikhvin in the
Leningrad oblast will transfer to International Paper Russia Holding B.V. The
parties have decided not to disclose the transaction price. The final closure
of the transaction is subject to the approval of Russian Federal Antimonopoly
UPM acquired Tikhvinsky in 2005 and has invested considerable time and effort
in improving both its operational and financial results. In 2007, Tikhvinsky
received FSC forest certification, which recognizes the company's successful environmental performance.
“We are delighted with the acquisition of ZAO Tikhvinsky Komplexny Lespromkhoz.
It represents another very important step in the implementation of our wood
supply strategy”, says Franz Marx, President, International Paper Russia.
"Tikhvinsky has been a good opportunity for UPM to learn and develop forestry
in practice in Russia. However, UPM has reviewed its wood sourcing strategy in
Russia and decided to sell its logging rights in Tikhvin," states Tuomo
Visanko, Senior Vice President, Forest and Timber Business Area, UPM.
For futher information, please contact:
UPM: Tuomo Visanko, Senior Vice President, Forest and Timber Business Area,
+358 400 352 990
International Paper Russia: Sergei Tanaschuk, Director, Government Relations
and Communications, +7 925 080 9790, firstname.lastname@example.org
UPM leads the integration of bio and forest industries into a new, sustainable
and innovation-driven future. Our products are made of renewable raw materials
and are recyclable. UPM consists of three Business Groups: Energy and pulp,
Paper, and Engineered materials. The Group employs around 22,000 people and it
has production plants in 15 countries. In 2010, UPM's sales amounted to EUR 8.9
billion. UPM's shares are listed on the Helsinki stock exchange. UPM - The
Biofore Company - www.upm.com
International Paper (NYSE: IP) is a global paper and packaging company with
manufacturing operations in North America, Europe, Latin America, Russia, Asia
and North Africa. Its businesses include uncoated papers and industrial and
consumer packaging, complemented by xpedx, the company's North American
distribution company. Headquartered in Memphis, Tenn., the company employs
about 59,500 people in more than 24 countries and serves customers worldwide.
2010 net sales were more than $25 billion. For more information about
International Paper, its products and stewardship efforts, visit