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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.
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