(UPM, Helsinki, 15 July 2013, at 11:00 EET) – UPM has today signed an agreement on the sale of Pestovo sawmill real estate and machinery with Lesnaya Innovacionnaya Kompanya (LIK) LLC. The parties have agreed not to disclose the sales price. UPM announced the search for a buyer for the Pestovo sawmill on 10 January 2013.
The Pestovo mill personnel will not automatically transfer to the new owner. However, the company plans to restart the sawmilling operations as soon as possible mainly with the current employees.
The sale of the Pestovo sawmill follows UPM’s renewed Timber business strategy announced in April 2012. UPM focuses on the development of sawmills closely integrated with the company’s pulp and paper mills.
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UPM Timber manufactures top-class sawn pine and spruce timber and further processed products for the construction and joinery industries. UPM Timber annually produces around 1.8 million cubic metres of timber from wood acquired from certified forests. UPM Timber’s production units are located in Finland, Austria and France. In Finland, UPM operates four sawmills in Lappeenranta (Kaukas), Pietarsaari (Alholma), Korkeakoski and Pori (Seikku). www.upmtimber.com
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. UPM is present in 67 countries and has production units in 17 countries. UPM's annual sales exceed EUR 10 billion. UPM's shares are listed on the Helsinki stock exchange. UPM – The Biofore Company – www.upm.com