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Business news, 25.11.2005 16:30

UPM acquires Russian logging company.

logging UPM has acquired 99% of the shares of the Russian logging company ZAO Tikhvinsky Komplexny Lespromkhoz from 200 private owners. Through this acquisition, UPM aims to improve the availability of quality timber to UPM's own production plants in Russia as well as to the company's mills in Finland.

ZAO Tikhvinsky Komplexny Lespromkhoz has a logging licence for almost 200,000 hectares of forests in Tikhvin municipality, situated in the eastern part of the Leningrad province. The company also owns two small sawmills.

Mr. Juri Vasilievits Orlov will continue as a Managing Director of the company.

UPM is one of the world's leading producers of printing papers and the clear market leader in magazine papers. The Group's sales in 2004 were nearly EUR 10 billion. UPM's main products include printing papers, converting materials and wood products. The company has production plants in 15 countries and its main market areas are Europe and North America. In Russia, the company has a plywood and veneer mill in Chudovo, a sawmill in Pestovo, representative offices both in Moscow and in St. Petersburg and a wood sourcing organization in St.Petersburg.

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