UPM (company)
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| UPM-Kymmene Oyj | |
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| Type | Public |
| Founded | 1996 |
| Headquarters | Helsinki, Finland |
| Key people | Björn Wahlroos (Chairman of the board), Jussi Pesonen (President and CEO) |
| Industry | Paper, pulp and timber |
| Products | Publication and fine paper, wood products |
| Revenue | €10.04 billion (2007)[1] |
| Operating income | ▲ €483 million (2007)[1] |
| Employees | 26,350 (2007)[1] |
| Website | www.upm-kymmene.com |
UPM-Kymmene Oyj (usually referred to simply as UPM; NYSE: UPM, OMX: UPM1V) is a Finnish pulp, paper and timber manufacturer. UPM-Kymmene was formed by the merger of Kymmene Corporation and Repola Ltd and its subsidiary United Paper Mills Ltd in 1996. The company's oldest mill is Papeteries de Docelles located in northeastern France, which was producing traditional handpaper at the end of 15th century.
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[edit] Recent restructuring
Europe
In March 2006 UPM announced a cost reduction program that includes layoffs approximately 3,600 employees, nearly 3,000 of those in Finland, and its Voikkaa paper mill in Kuusankoski was closed altogether. This was the largest single layoff ever in Finland. This is attributed to the worldwide overproduction of paper.
North America
UPM announced the permanent closure of a large mill complex in Miramichi, New Brunswick on December 17 2007, citing economic pressures in the North American forest industry.
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