UPM concludes sale of its assets in Miramichi, Canada

Archive 14.1.2009 0:00 EET

(UPM, Helsinki, 15 January 2009 at 20:00) – UPM has sold its former paper mill and related assets in Miramichi, New Brunswick, Canada, to Umoe Solar AS of Norway. The sale includes the paper mill, a groundwood pulp mill, woodlands operations, and two sawmills located nearby in Bathurst and Blackville. The parties have agreed not to disclose the sale price. UPM records an income of approximately EUR 20 million on the sale as a special item in the first quarter of 2009.

The Miramichi paper mill, with an annual production capacity of 450,000 tonnes of light-weight coated magazine paper, was permanently closed in December, 2007. The disabled paper machines can no longer be used for paper production.

For further information, please contact:
Mr Timo Suutarla, General Manager, UPM, Miramichi, tel. +1 506 6273714
Mr Olavi Kauppila, Senior Vice President, Investor Relations, tel. +358 204 15 0658