UPM sells Tilhill Forestry Limited to the BSW Timber GroupInvestor news 2.9.2015 11:00 EEST
(UPM, Helsinki, 2 September 2015 at 11:00 EET) – UPM has concluded the sale of 100% of its shares of Tilhill Forestry Ltd to BSW Timber Ltd in the United Kingdom. The transaction does not have an effect on the employment contracts of the employees of Tilhill Forestry.
“Despite the sale, our close relationship with Tilhill Forestry continues and the company is fully committed to supply wood and biomass for UPM Caledonian and Shotton mills in the UK,” says Kurt Wurster, Vice President, RCP and CE Wood Sourcing, UPM Paper ENA.
Tilhill Forestry will continue to focus on building its core strengths of high quality forest management whilst delivering a secure and stable supply of home-grown timber to the UK market.
“This is an exciting step in the development of Tilhill Forestry. This change of ownership will allow the company to continue to grow while maintaining the professional standards that forest owners have come to expect from Tilhill,” says George McRobbie, Managing Director of Tilhill Forestry.
For further information please contact:
Kurt Wurster, Vice President, RCP & CE Wood Sourcing, UPM, tel. +49 8213 109464
George McRobbie, Managing Director, Tilhill Forestry, tel. +44 1786 435000
Notes to Editors:
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 20,000 people and its annual sales are approximately € 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore Company – www.upm.com
Tilhill Forestry Ltd
Established in 1948 and headquartered in Stirling, Scotland, Tilhill Forestry provides professional forestry management and timber harvesting and marketing services to forestry owners through its nationwide network of offices. Tilhill employs approximately 200 people. www.tilhill.com
The BSW Group
BSW Timber is the largest sawmilling business in Great Britain and the company's foundations go back to 1848. BSW sawmills are located throughout the UK and Riga, Latvia. Today the firm employs 1,000 people in the UK and Latvia, turnover is in excess of £220 million. www.bsw.co.uk