UPM KYMMENE

Finnish forestry group UPM-Kymmene reported a 47% drop in third-quarter comparable operating profit, citing weak markets and subdued consumer demand.

UPM-Kymmene will permanently close its paper mill in Kaukas, Finland, and cut 220 jobs, the company said Friday after concluding negotiations with employees.

UPM-Kymmene has agreed to sell a sawmill to Finland's largest private timber producer, Versowood, in a deal aimed at securing wood supplies for its pulp business amid high costs.

Finnish forestry group UPM-Kymmene said Tuesday it has started a strategic review of its plywood business, which could lead to a sale, demerger or an initial public offering of the unit.

UPM-Kymmene is extending a shutdown at one Finnish pulp mill and temporarily closing another, citing challenging market conditions and high raw material costs.

UPM-Kymmene Corporation announced it will discontinue its planned biofuels refinery project at the Port of Rotterdam, halting all engineering work and withdrawing from site commitments.